Biden pitches student loan forgiveness for millions

What happened

President Joe Biden has announced a new program that would reduce the amount that 25 million borrowers owe on their undergraduate and graduate loans. Approximately 10 million would get at least $5,000 in student loan debt relief and more than four million would have their debt forgiven entirely, according to The White House.

Who said what

"We're giving people a chance to make it," Biden said after outlining the plan during a Monday visit to Madison in the swing state of Wisconsin. Louisiana Sen. Bill Cassidy, the ranking Republican member of the Senate Health, Education, Labor and Pensions Committee, called the plan an "unfair ploy to buy votes before an election" while doing "absolutely nothing" to address high education costs.

The commentary

The iconic college town of Madison "symbolizes the president's promise to make higher-education affordability a cornerstone of his economic agenda," The New York Times said. It's a promise he has "so far failed to achieve." Biden's latest loan forgiveness proposal is "illegal," The Wall Street Journal said, and a future Congress or administration might be able to "undo the lawless act."

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What next?

Biden's proposal will almost certainly face conservative legal challenges as the legislative clock ticks down to the 2024 general election.