The Supreme Court of the United States has struck out President Joseph Biden’s proposed student debt cancellation which would wipe off over $400 billion dollars in debt and assist tens of millions of people.
In a setback for Mr Biden, the ruling, released on Friday, paused the execution of what the New York Times describes as one of the most expensive executive actions in U.S. history.
The court’s decision to reject the proposed cancellation, which was permitted by the Higher Education Relief Opportunities for Students Act of 2003, also known as the HEROES Act, was upheld by a vote of 6 to 3.
This decision will cripple the administration’s effort to combat the pandemic and its residual consequences. This law, which was first passed in response to the terrorist attacks of September 11, 2001, grants the secretary of education the authority to “waive or modify any statutory or regulatory provision” in order to safeguard borrowers who are impacted by “a war or other military…
