The daily business briefing: September 30, 2022

GOP-led states sue to block Biden's student-loan forgiveness plan, soaring energy prices push Europe's inflation above 10 percent, and more

College grads
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1. GOP-led states sue to block Biden student-loan forgiveness

Six Republican-led states filed a lawsuit Thursday seeking to block President Biden from canceling up to $20,000 in student loan debt for millions of borrowers. The suit came two days after a conservative attorney in Indiana filed a separate lawsuit asking a court to overturn the policy. Biden wants to cancel up to $10,000 in federal student loan debt for people earning less than $125,000 per year. He plans to excuse another $10,000 in debt for recipients of federal Pell Grants. The Biden administration says the president can cancel the debts under a 2003 law giving the executive branch authority to overhaul student loan programs. Conservatives argue Biden is overreaching.

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