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Biden offers alternative student debt relief plan that would remove immediate threat of default

Published Fri, 15 Nov 2024 23:55:15 GMT

By WILL WEISSERT and COLLEEN LONG (Associated Press)WASHINGTON (AP) — President Joe Biden vowed Friday to push ahead with a new plan to provide student loan relief for millions of borrowers while blaming Republican “hypocrisy” for triggering the day’s Supreme Court decision that wiped out his original plan. Biden said payment requirements for student loans would resume in coming weeks, but that he would work under the authority of the Higher Education Act to begin a new program designed to ease borrowers’ threat of default if they fall behind over the next year.Hours after the Supreme Court ruling, Biden commented from the White House, trying to stay on the political offensive even as the ruling undermined a key promise to young voters who will be vital to his 2024 reelection campaign. Biden delivered most of his remarks in a measured tone but then raised his voice at the end when a reporter asked if he had given borrowers false hope.“I didn’...

Massachusetts Democrats slam Supreme Court for rejecting Biden’s student loan cancellation plan

Published Fri, 15 Nov 2024 23:55:15 GMT

A Supreme Court decision that killed President Joe Biden’s $400 billion plan to cancel federal student loan debt for millions of Americans was swiftly criticized by Massachusetts Democrats.State and federal lawmakers urged the president to explore other avenues for student debt relief, after Friday’s 6–3 court decision, which said the Biden administration had overstepped its authority with the plan.The decision, with conservative justices in the majority, leaves borrowers responsible for loan repayments that are expected to resume this fall, after having been paused since the start of the pandemic three years ago.“This fight is not over,” Sen. Elizabeth Warren said in a statement. “The president has more tools to cancel student debt and he must use them.“More than 40 million hardworking Americans are waiting for the help that President Biden promised them, and they expect this administration to throw everything they’ve got into the fight until they make good on this commitment.”U.S....

Stock market today: Another rally sends Wall Street nearly 16% higher for the first half of the year

Published Fri, 15 Nov 2024 23:55:15 GMT

By STAN CHOE (AP Business Writer)NEW YORK (AP) — Wall Street blazed to another rally Friday to close a winning week, month and first half of the year after reports suggested pressure on inflation may be easing.The S&P 500 climbed 1.2% to reach its highest level since April 2022. The Dow Jones Industrial Average rose 285 points, or 0.8%, and the Nasdaq composite jumped 1.4%. The market has cruised through 2023 in part because the economy has been able to defy many predictions for it to fall into a recession, at least so far. The job market in particular has remained resilient despite high interest rates that slow the economy in hopes of dragging down inflation. That’s helped profits for companies not fall as much as feared.“Just think back to the beginning of the year: There was more pessimism both on the economic and corporate fronts,” said Lisa Erickson, head of the public markets group at U.S. Bank Wealth Management. “And we’ve just seen, o...

Boston city councilor blasts colleagues for stoking ‘homophobic’ rhetoric with Southie OD death comments

Published Fri, 15 Nov 2024 23:55:15 GMT

Boston City Councilor Kendra Lara blasted three of her colleagues for spreading “unsubstantiated” information about the death of a transgender person at a South Boston apartment, saying their comments may incite hate crimes.In a sharply worded letter, Lara said remarks made by three members of the City Council, Michael Flaherty, Ed Flynn and Erin Murphy, “lacked empathy and respect for the facts and stoked the kind of homophobic and transgender rhetoric that puts our most vulnerable residents at risk.”“Our colleagues have actively misgendered the trans women involved, calling them ‘men in wigs,’” Lara wrote.“In direct contradiction with the statements of the Boston Police, they’ve miscategorized the conditions of a constituent’s home and spread stories about ‘sex toys and drugs’ that are unsubstantiated to date, furthering the false right-wing narrative that our trans siblings are sexual deviants who our children need protecting from.”Lara went on to say that while her three colleag...

Apple becomes the first publicly traded company valued at $3 trillion

Published Fri, 15 Nov 2024 23:55:15 GMT

NEW YORK (AP) — Apple becomes the first publicly traded company valued at $3 trillion.

Supreme Court lets stand ruling that protects people with gender dysphoria under disability law

Published Fri, 15 Nov 2024 23:55:15 GMT

By DENISE LAVOIE (AP Legal Affairs Writer)RICHMOND, Va. (AP) — In a win for transgender rights, the U.S. Supreme Court on Friday declined to review a first-of-its-kind ruling from a federal appeals court that found people with gender dysphoria are entitled to the protections of the Americans With Disabilities Act.Advocates praised the decision to leave a ruling from the 4th U.S. Circuit Court of Appeals in place.“By declining to hear this case, the Supreme Court implicitly acknowledges what those who have seriously examined the issue have concluded: the ADA protects people who experience gender dysphoria, including transgender and nonbinary people, from being discriminated against on that basis,” said Olivia Hunt, policy director for the National Center for Transgender Equality.But in a scathing dissent, Justice Samuel Alito said he found “several aspects” of the 4th Circuit’s reasoning in the case “troubling” and said the ruling ̶...

Supreme Court strikes down student debt cancellation. Now what?

Published Fri, 15 Nov 2024 23:55:15 GMT

The Supreme Court has blocked President Joe Biden’s student loan debt relief plan, saying his administration lacked authorization under the HEROES Act to forgive up to $20,000 in student debt per borrower.Some 43 million borrowers won’t see a cent of the debt cancellation promised by the White House last year. Under current guidance from the Education Department, borrowers must get ready to resume student loan payments starting in October on their full student loan balance.The White House has not yet said it will pursue cancellation via another legal route, but activists are calling on Biden to pursue a plan B. On Friday afternoon, Biden’s official Twitter account called the ruling “unthinkable” and said he would have more to say later in the day. But a Plan B is far from guaranteed, and there is no timeline yet. Take steps to prepare for repayment now.“Now that we have the decision, we can move forward,” says Betsy Mayotte, president and founder of The...

Biden announces next steps on student loans after Supreme Court ruling

Published Fri, 15 Nov 2024 23:55:15 GMT

(The Hill) – On Friday, President Biden announced the next actions his administration intends to take to protect student loan borrowers following the Supreme Court ruling that struck down his student debt relief plan.“I believe that the Court’s decision to strike down our student debt relief plan is wrong,” Biden said in a statement. “But I will stop at nothing to find other ways to deliver relief to hard-working middle-class families. My Administration will continue to work to bring the promise of higher education to every American.”On Friday, Biden announced two prongs of the White House's next tactics for student debt, which include 1) a new approach of forgiveness under the Higher Education Act and 2) the creation of a temporary 12-month On-Ramp Repayment Program. Supreme Court blocks student loan forgiveness: What should borrowers do now? While details are slim so far, Biden explained that approaching student debt relief under the umbrella of the Higher Education Act will all...

Haze, heat and storms are bringing danger and discomfort to many parts of the US

Published Fri, 15 Nov 2024 23:55:15 GMT

INDIANAPOLIS (AP) — Smoky haze, hot weather and powerful storms brought dangerous and uncomfortable conditions to parts of the U.S. heading into a long July Fourth weekend that typically draws Americans to outdoor gatherings.From heat waves in the South and West to unhealthy air quality in the Northeast, much of the U.S. was under the threat of extreme weather. In the Midwest, some residents Friday were recovering from a powerful storm that moved through Illinois and Indiana a day earlier packing winds that reached more than 70 miles per hour (112 kilometers per hour).That storm damaged trees and buildings in the central parts of both states from the Mississippi River to the Indianapolis area. Crews worked to replace electrical lines entangled in downed trees ahead of more expected thunderstorms and temperatures climbing to around 90 degrees Fahrenheit (32 degrees Celsius). Utility companies reported that more than 250,000 homes and businesses were still without electricity.Brian Al...

Jill Biden hosts military chefs crowned ‘Chopped’ champs for guest stint in White House Navy Mess

Published Fri, 15 Nov 2024 23:55:15 GMT

WASHINGTON (AP) — An Air Force chef and a Marine Corps chef, both crowned “Chopped” champions during Jill Biden ‘s appearance on a military-themed episode of the Food Network show, spent Friday whipping up lemon-herb scallops and osso buco in the White House Navy Mess. Air Force chef Opal Poullard, 37, and Marine Corps chef Dustin Lewis, 34, accepted the mission from the first lady, who made a surprise appearance in a May episode of “Chopped,” as part of her White House initiative to support active-duty and retired service members, their families and caregivers.A panel of judges ruled that the four-person team of military chefs, which included an Army and a Navy cook, had defeated a team of four Food Network celebrity chefs. The first lady congratulated the winners, gave them White House aprons signed by herself and President Joe Biden and invited them to the executive mansion to help cook for the Fourth of July on Tuesday. The guest chef stint at the White House came as Jill ...