Biden speaks after Supreme Court strikes down student loan forgiveness plan

A sharply divided Supreme Court on Friday effectively killed President Joe Biden’s $400 billion plan to cancel or reduce federal student loan debts for millions of Americans. The 6-3 decision, with conservative justices in the majority, said the Biden administration overstepped its authority with the plan, and it leaves borrowers on the hook for repayments that are expected to resume by late summer. Biden was to announce a new set of actions to protect student loan borrowers and would address the court decision later Friday, said a White House official. The official was not authorized to speak publicly ahead of Biden’s expected statement on the case and spoke on condition of anonymity. The court held that the administration needed Congress' endorsement before undertaking so costly a program. The majority rejected arguments that a bipartisan 2003 law dealing with student loans, known as the HEROES Act, gave Biden the power he claimed. "Six States sued, arguing that the HEROES Act does not authorize the loan cancellation plan. We agree," Chief Justice John Roberts wrote for the court. MORE: https://bit.ly/3JDj0RJ Subscribe to FOX 10 Phoenix! https/www.youtube.com/channel/UCNjfNLnQYbjBEvnS8KFuyGQ?sub_confirmation=1 #fox10phoenix #studentloans #joebiden Watch more FOX 10 Phoenix on YouTube: Arizona Headlines: https://www.youtube.com/playlist?list=PLjk-Nxa5HqPtshEuaekDdk3dtuBkjdJbJ Arizona Weather: https://www.youtube.com/playlist?list=PLjk-Nxa5HqPtQIw_8UDi9r41PxL0GumoR Raw footage: https://www.youtube.com/playlist?list=PLjk-Nxa5HqPt6sLbUHtU-fjr-RTh8O_ct