WASHINGTON (Reuters) – President Joe Biden on Friday called the U.S. Supreme Court ruling that blocked his plan to cancel $430 billion in student loan debt disappointing and wrong, and said he would work to find other ways to provide relief to American families.
Biden will deliver remarks on the decision at 3:30 pm (1930 GMT).
The U.S Supreme Court handed President Joe Biden a painful defeat on Friday, blocking his plan to cancel $430 billion in student loan debt – a move that had been intended to benefit up to 43 million Americans and fulfill a campaign promise.
The justices ruled against Biden in a 6-3 decision favoring six conservative-leaning states that objected to the policy. The court’s action dealt a blow to the 26 million U.S. borrowers who applied for relief after Biden announced the plan in August 2022 and represented a political setback for the Democratic president.
Chief Justice John Roberts, joined by the court’s five other conservative members, wrote the ruling. The court’s three liberals dissented.
“This fight is not over,” Biden said after a ruling he called disappointing and wrong, promising an announcement later on Friday.
Roberts derided the Biden administration’s argument that the loan forgiveness program was merely a modification of an existing program and noted that such broad action would require clear congressional approval.
“The secretary’s plan has ‘modified’ the cited provisions only in the same sense that the French Revolution ‘modified’ the status of the French nobility – it has abolished them and supplanted them with a new regime entirely,” Roberts wrote, referring to U.S. Secretary of Education Miguel Cardona.
SOURCE: REUTERS
