President Joe Biden's plan to wipe thousands of dollars in student loan debt for millions of Americans will be at stake as the Supreme Court is set to hear arguments on Tuesday.
In August, the White House mapped out a roadmap to eliminate some debt for a swath of middle- and low-income Americans. Potentially, people making under $125,000 annually could have their student loans reduced by $10,000. Those who have received Pell Grant funds could have a total of $20,000 wiped off of their balance.
A national student loan repayment freeze had been enacted after President Donald Trump declared a national emergency at the start of the COVID-19 pandemic in March 2020. The freeze was then extended by Trump and Biden under the Higher Education Relief Opportunities for Students Act several times since.
An estimated 43 million Americans would benefit from the forgiveness plan if the court sides with the Biden administration. At least 26 million debt holders have already applied, with 16 million of them approved.
If the case is decided against the relief plan, borrowers would have 60 days after the decision to begin making payments — many of whom would be paying for the first time in three years. At the latest, payments could resume in August if a decision has not been reached by June 30.
As the standoff between the U.S. and its allies continues with Russia over its possible designs to invade Ukraine, President Biden held a video conference call with European leadership and had 8,500 American troops put on high alert. Jamil Jaffer, a former associate White House counsel for the Bush Administration, joined Cheddar to discuss his views on the escalating crisis in Eastern Europe.
As controversy dogs the run-up to the 2022 Beijing Winter Olympics, China is hiring TikTokers and other social media influencers to promote the nation's history, culture, diplomatic efforts, and current trends.
The Supreme Court has rejected another request to block Texas' strict abortion law. This marks the third time the high court has declined to intervene in challenges to the law that bans abortions after six weeks, well before many women even know they're pregnant. Aziza Ahmed, professor of law at the University of California, Irvine, joined Cheddar News to discuss the impact of the law so far on women seeking abortion services in Texas.
Mayors in cities like Miami and New York City are considering introducing cryptocurrencies as a way to reduce economic inequality. Miami Mayor Francis X. Suarez has even pushed for distributing Bitcoin dividends to the city's inhabitants.
The U.S. will be implementing a vaccine mandate for all people entering through its land borders, removing exemptions for "essential" travelers such as truckers, students, and business people. While the Canadian Trucking Alliance argues that the new, stricter rule might exacerbate ongoing auto supply chain issues, some health experts see the potential for helping curb the ongoing pandemic. Anthony Santella, a professor of health administration at the University of New Haven, joined Cheddar to give his take on the updated border crossing restriction. "We can't just focus on one type of travel. We need to ensure that it's clear and consistent across all types of travel," Santella said.
Will Rhind, CEO of GraniteShares, joins Cheddar News' Closing Bell, where he says he believes the Fed's plans of increasing rates is taking its toll on some of the more speculative stocks and the technology market.
Mona Zhang, states cannabis policy reporter at POLITICO Pro joins Cheddar News to discuss major factors that caused Canada's retail marijuana sales to drop last year.
The January 6 committee has asked Ivanka Trump to give voluntary testimony, saying there's evidence she was in "direct contact" with her father on the day of the capitol insurrection. I's unclear whether she will comply with the invitation, but it marks the first time the House committee has sought testimony from a member of the former president's family. Bradley Moss, national security attorney, joined Cheddar News to discuss what the committee hopes to learn from Ivanka and what the Supreme Court's decision on Trump's Jan. 6 materials means for the investigation.
