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Biden announces $1.2 billion in student debt forgiveness

President Biden announced Wednesday that he would forgive $1.2 billion in student loan debt for more than 150,000 borrowers, saying the relief would benefit the economy by helping people buy a home, start a family, and more.

“Folks, I'm glad to be able to forgive these loans, because when we…free Americans from student loans, they're free to pursue their dreams,” said Julian Dixon Library in Culver City. He spoke to dozens of supporters.

Mr. Biden tried to enact an even broader plan but was blocked by the Supreme Court. So, according to the White House, he used executive action to cancel student loans totaling $138 billion for about 3.9 million people.

Those eligible for the new relief package — those who initially borrowed up to $12,000 and have made monthly loan payments for at least 10 years — will receive an email from the president this week. They had enrolled in a program known as SAVE. The program determines monthly loan payments based on income and family size, shortening the term of the loan for many borrowers.

“It's all about … giving people a chance, a fighting chance to get through,” Biden said.

Biden's sudden appearance at an official White House event comes as Democrats are concerned about growing disillusionment among young voters, who are an important part of their coalition, and that Biden is unlikely to appear in the fall general election. need to be motivated to vote.

Republicans criticized the move as a cynical taxpayer-funded ploy to boost Biden's re-election chances.

“More than 60 percent of Americans don't have a college degree, but Joe Biden wants hard-working taxpayers to foot the bill for higher education for an elite few. Meanwhile, families four years ago They are suffering from lower real wages, higher prices and higher credit card debt compared to the United States,” Republican National Committee Chairwoman Ronna McDaniel said in a statement. “American families are being left behind in Biden's desperate attempt to use the public's money to buy votes.”

Biden was joined at the event by Los Angeles Mayor Karen Bass, Sen. Alex Padilla and other California elected officials.

This was the final event on the president's two-day tour of Los Angeles.Earlier in the day, Biden I stopped by CJ's Cafe At Baldwin Hills, I ordered a breakfast burrito and posed for photos with customers.

He headlined a huge fundraiser Tuesday night at media mogul Haim Saban's sprawling Beverly Park mansion. Biden told supporters, including actor Jane Fonda, that voters had a “very clear” choice in the general election, which is expected to be a rematch with former President Trump.

“Republicans have shown time and time again that they are the party of chaos and disunity. They scream about problems but deliver nothing,” Biden said, paying as much as $250,000 to attend. told hundreds of paying attendees. “They don’t have a platform.”

“Are they here to solve the problem or are they just using it as a political weapon?” Biden said of the Republican Party, adding that in a second term he would support abortion, voting rights restoration and health care costs. He added that he will work to strengthen the Affordable Care Act and Social Security, expand access to affordable housing and make sure businesses pay their fair share of taxes. “I'm here to serve people.”

Saban and Casey Wasserman, co-chairman of LA28, the committee that organizes the Los Angeles Olympics, tested positive for COVID-19 on Tuesday and were unable to attend the Games.

Biden is heading to the Bay Area on Wednesday afternoon and plans to hold additional fundraisers there before leaving the state on Thursday. This will likely be Biden's last trip to California before Super Tuesday, March 5, when primary elections will be held in California and a dozen other states.

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