The White House expects to pull back unfinished rules across several agencies if there isn’t enough time to finalize them before Trump takes office.
President Joe Biden speaks during a Hanukkah reception in the East Room of the White House in Washington, Monday, Dec. 16, 2024. is abandoning his effort to cancel student loans for more than 38 million Americans, the first step in an administration-wide plan to jettison pending regulations to prevent President-electNational Politics | If the proposed regulations were left in their current state, the next administration would be able to rewrite them and advance its agenda more quickly.
She blamed Republicans for putting the Biden administration in this position. “It’s a bummer that we have a GOP that is committed to keeping working-class Americans in debt,” Byrne said. Federal agencies are now analyzing which rules to finish and which to pull back before the end of Biden’s term, the official said.
The pair of student loan proposals expected to be withdrawn Friday represented Biden’s second attempt at widespread debt cancellation after the Supreme CourtOne of them is a proposal from April would have provided targeted debt relief to 30 million Americans. It laid out several categories of borrowers eligible for relief. Borrowers who saw their balances balloon because of interest would have had their accrued interest wiped away.
“Because of our actions, millions of people across the country now have the breathing room to start businesses, save for retirement, and pursue life plans they had to put on hold because of the burden of student loan debt,” Biden said in a statement.
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