US President Joe Biden announced, on Friday, a “new plan” to relieve student debt “as soon as possible,” after he suffered a setback in the Supreme Court that canceled his program to write off student loans for millions of Americans.
“I know there are millions of Americans in this country who are disappointed, frustrated, or even a little angry. I have to admit, I do too,” Biden said in a televised speech.
He added that his administration would approve measures to “reduce the burden of student debt on the largest possible number of borrowers, and as soon as possible.”
These measures include a temporary moratorium for 12 months on fines for unpaid debts.
“We will support our new approach to a law different from my original plan,” the Democratic president continued.
On Friday, the Supreme Court canceled Biden’s program to write off student loans for millions of Americans, in a setback for the Democratic president a year before the presidential election.
The court found that Biden exceeded his powers by writing off debts with a total value of more than $ 400 billion, in a move through which he sought to alleviate the financial burdens that burden millions even after many years have passed since they finished their university education.
And by a majority of six votes to three, the court, which is dominated by conservatives, voted in favor of canceling the Biden program, noting that the president had to obtain congressional approval before it was approved.
The court found that Biden erred in relying on a law dating back to 2003 to cancel student debt, and aimed at the time to help former students who joined the army after the events of September 11, 2001.
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2023-06-30 23:21:29
