Supreme Court Rejects Biden’s Debt Forgiveness Plan

The Supreme Court ruled on Friday that the Biden administration had overstepped its authority with its plan to wipe out more than $400 billion in student debt, dashing the hopes of tens of millions of borrowers and imposing new restrictions on presidential power.

It was a resounding setback for President Biden, who had vowed to help borrowers “crawl out from under that mountain of debt.” More than 45 million people across the country owe $1.6 trillion in federal loans for college, according to government data, and the proposed debt cancellation, announced by Mr. Biden last summer, would have been one of the most expensive executive actions in U.S. history.