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The US Supreme Court appears skeptical of President Biden's student debt forgiveness plan,

and the US government places some new limits on funding for chip production.

This is going to be a very interesting test of the government's ability to beef up an industry that they would like to really bolster for the goal of national security.

Plus, Sotheby's is courting buyers for sneakers worn by Michael Jordan.

It's Tuesday, February 28th.

I'm Amory Fertoli for the Wall Street Journal.

This is the PM edition of What's News, the top headlines and business stories that moved the world today.

The US Supreme Court began hearing arguments today on President Biden's plan to cancel about $400 billion in federal student debt.

Our DC reporter, Daniel Achezlo, was at the court this morning where demonstrators demanded debt cancellation.

Cancel student debt now!

About 200 people rallied outside the Supreme Court to demand debt relief, including 21-year-old political science student, Cinnamon Hudson.

She traveled to DC from North Carolina.

My mom is a single parent. She has three kids as well.

Included me, so it's like taking out loans, it's kind of like taking out their mouths.

She suffered her challenges from six states with Republican attorneys general and a group representing two individual borrowers.

Several justices questioned if the Biden administration had the power to enact such a plan.

Chief Justice John Roberts asked whether student loan forgiveness was fair for people who don't go to college,

like someone who gets a loan for starting a lawn care business.

Nobody's telling the person who is trying to set up the lawn service business that he doesn't have to pay his loan.

...