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Business & Economy
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Business & Economy
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Biden announces student loan relief for 150,000
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A recent round of student loan forgiveness by President Biden brings the total number of individuals impacted by debt relief in his term to more than 5 million.
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The Biden administration announced Monday it was forgiving student loans for more than 150,000 borrowers.
The new batch is made up of 85,000 individuals who were defrauded by their schools, 61,000 people with permanent or total disabilities and 6,100 public service workers.
In total, the Biden administration has now spent $183.6 billion to forgive student loans.
The record amount of student debt relief by any president was made possible due to a number of changes the administration made to the Borrower Defense program and the Public Service Loan Forgiveness (PSLF) program to make it easier for borrowers in these categories to receive forgiveness.
Under PSLF, more than 1 million borrowers have received relief, compared to only 7,000 before the start of the Biden administration.
Officials with the Biden administration emphasized how helpful the forgiveness has been for everyday Americans ahead President-elect Trump’s inauguration — and the subsequent likely slowdown of federal efforts on student loans.
Officials would not say if this was the last round of relief borrowers could expect before the president leaves office next week.
The Hill’s Lexi Lonas Cochran has more here.
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Welcome to The Hill’s Business & Economy newsletter, we’re Aris Folley and Taylor Giorno — covering the intersection of Wall Street and Pennsylvania Avenue.
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Key business and economic news with implications this week and beyond:
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Business executives are increasingly planning to modify their supply chains, citing the risk of disruption and cost concerns ahead of wide-ranging tariffs expected from the incoming Trump administration.
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Donald Trump Jr. announced Monday he is joining Kalshi, a prediction market that allows users to bet on political developments, as a strategic adviser.
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Americans for Prosperity (AFP), a conservative political action committee backed by Charles Koch announced that it is launching a $20 million ad blitz in support of President-elect Trump’s Tax Cuts and Jobs Act (TCJA).
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Jeff Bezos, owner of aerospace company Blue Origin, expressed optimism about the incoming Trump administration’s space policy, emphasizing Sunday he is not concerned about competitor Elon Musk’s allyship with the president-elect.
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Upcoming news themes and events we’re watching:
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The Labor Department will release consumer price index (CPI) data, a key inflation gauge, for December on Wednesday at 8:30 am ET.
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Russell Vought, Project 2025 co-author and President-elect Trump’s pick to head the Office of Management and Budget (OMB), will appear before senators on Wednesday at 1 pm ET.
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Branch out with more stories from the day:
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NEW YORK (AP) — Amazon is saying goodbye to “Try Before You Buy.” The service, which allowed …
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Business and economic news we’ve flagged from other outlets:
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Dow adds more than 350 points, but Nasdaq closes lower as investors rotate out of tech (CNBC)
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Industry groups sue to stop Biden from banning medical debt on credit reports (CNN)
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Trump’s New Economist Makes the Case for 20% Tariffs (The Wall Street Journal)
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Top stories on The Hill right now:
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Special Counsel David Weiss defended his handling of the Hunter Biden investigation in a final report capping his multi-year investigation into the president’s son.
Read more
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Opinion related to business and economic issues submitted to The Hill:
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