On The Money — A New Attempt To Block Student Loan Relief

Fierce battle over student loan forgiveness

The political and legal battles surrounding President Biden’s student loan forgiveness plan have hit their biggest obstacles, but a temporary legal hold on the program has left borrowers in even more precarious conditions.

It could also lead to more opposition from Republicans, but the White House has vowed to fight back after a federal appeals court ruled Friday that the program should be stopped.

• An order from the Court of Appeals on Friday barred the administration from taking bailouts while the court considers challenges from six Republican-led states.
• The order marks a temporary victory for Republicans until a larger committee can consider it, but it could lead to more action on student loan forgiveness.

“This battle is not over yet. Those who lose a court of appeals decision will inevitably appeal, and it is likely that no decision will be made until the Supreme Court intervenes,” said former President George W. Bush. said Robert Moran, a former senior policy adviser to the Department of Education.

Bad timing for Biden: The order won’t stop individuals from applying for bailouts, but the bloc could deprive the Democratic Party of their campaign messages in the two weeks leading up to Election Day.

Alex Gangitano of The Hill discusses this issue.

event invitation

Current State of Education in AmericaWednesday, October 26, from 10:30am ET / LIVE IN DC AND STREAMING NATIONALLY

Many students have returned to face-to-face classrooms, but the impact of pandemic learning is significant. What does it take to address education losses nationwide, and what kinds of investments and interventions are needed to make a difference? Roberto Rodriguez, Assistant Secretary of Education, Utah Governor Spencer Cox, Leading Now’s Caitlin Sullivan, and more Join The Hill to discuss student status in 2022 and the state of education in the United States. Today’s absence confirmation.

big price cut

US sees record slowdown in house prices

US house prices saw a record slowdown in August, falling 2.6% as the Federal Reserve aggressively raised interest rates.

The S&P CoreLogic Case-Shiller Index, released Tuesday, found home prices rose 13% year-on-year in August, but plunged 2.6% from July to August.

• This is the largest monthly drop on record and the second-largest drop in July.
• Meanwhile, the 20 Cities Composite Index, which measures price growth in major US metropolitan areas, rose 13.1% year-over-year from 16% the previous month.

Adam Burns is more here.

Things money can’t buy

JP Morgan CEO says geopolitics is more concerning than recession

JPMorgan Chase & Co. Chief Executive Jamie Dimon on Tuesday said he was more concerned about today’s geopolitics than a looming recession after warning that a recession was likely next year. rice field.

“Many bad things are on the horizon and could plunge the United States into recession,” Dimon said at a Future Investments Initiative panel in Riyadh, Saudi Arabia.

“It’s not the most important thing for us to think about. We’ll do it well. We’ll worry more about the geopolitics of the world today.”

• In particular, Dimon said he was concerned about relations between Russia and Ukraine and between the United States and China.
• “Then I would be much more worried about the recession than whether it is mild or moderately severe,” he added.

Hill’s blood dress is described here.

looking for a small flag

White House Raises ‘Made in America’ Requirements for Federal Procurement

The Biden administration announced on Tuesday that it would raise requirements for sourcing federally-sourced goods domestically.

The Administration is announcing an update that 60% of federally sourced content must be produced in the United States. This is up from 55% under the Buy American Act.

The administration sees the change as a way to strengthen supply chains by increasing domestic production and reducing reliance on foreign goods, and to focus more on U.S.-made products.

Livia Shmabonian, director of the White House Office of Made in America, said, “This domestic content threshold raise will leverage the purchasing power of the federal government to invest in American industry and all American workers.” It is an important part of the administration’s strategic approach to doing so,” he said in a statement to Hill.

Find out more about The Hill’s Brett Samuels here.

Useful information

Top House progressives on Tuesday afternoon withdrew a stance that questioned President Biden’s Ukraine policy, retracting a letter released Monday that left many Democrats confused and angered.

“The Congressional Progressive Party Caucus hereby retracts its recent letter to the White House on Ukraine,” Congress Speaker Pramila Jayapal (D-Washington) wrote in a statement. End the Russo-Ukrainian War.

Other items we are looking at:

• The COP27 international climate summit doesn’t begin until November, but one of the conference’s sponsors, Coca-Cola, is eyeing its extraordinary role in producing carbon-hungry single-use plastics. It has already drawn the ire of conservation groups.
• Senator Ron Wyden (D-Ore.) asked the Federal Trade Commission (FTC) for a top security clearance and worked closely with intelligence agencies to effectively screen Americans’ data from foreign hacks. We ask that you allow us to protect you.

That’s all for today. Thank you for reading. For the latest news, visit The Hill’s Finance page. See you tomorrow.