On Thursday, the Department of Education scaled back President Joe Biden's federal student loan cancellation program to protect against legal challenges by six states, with new guidelines that excluded at least hundreds of thousands of borrowers initially told they qualified for the program.
The move excludes people who took out federal loans that, while they were guaranteed by the government, were technically handled by private banks.
START HERE: Anne, is it possible that the government pulls like a take-backsy? What is going on here? The other thing is he's relying on a lot of what was enacted after 9/11. This was a law that said the president can reduce or erase student loan debt during a national emergency. But he's also the same president who went on national television recently and said the pandemic is over. That's the Republican argument on this.
START HERE: So let's talk about these lawsuits first. I was asking everyone "Can Biden do this?" and everyone said, "Yeah, the Education Department has broad authority." Who is exactly filing the lawsuits and what are they challenging?
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