The Biden administration made the announcement on July 14, CNBC reports.
The debt of 804,000 borrowers totaling
$39 billion will be automatically forgiven.
The relief comes as income-driven
repayment plans have been adjusted.
Borrowers enrolled in those plans are eligible to have any remaining debt canceled after they've made on-time payments for 20-25 years.
But the Biden administration says that many of those borrowers' payments weren't accounted for.
For far too long, borrowers fell
through the cracks of a broken
system that failed to keep accurate
track of their progress towards forgiveness.
, Miguel Cardona, U.S. Secretary of Education, via statement.
In order to get borrowers to qualify for forgiveness,
the Biden administration included partial
and late payments, as well as payments that were
once paused due to deferments and forbearances.
The move comes after
the Supreme Court denied President Biden's federal student loan forgiveness plan.
Under that plan, 37 million people
would have had student debt relief
In a significant development, U.S. President Joe Biden revealed that Israel has proposed a "roadmap" to terminate its nearly eight-month-long conflict in the Gaza Strip. In a speech from the White House on Friday, Biden outlined Israel's three-phase plan, which aims to cease hostilities and pave the way for peace and reconstruction. The initial phase of Israel's offer involves a six-week period during which Israeli forces will withdraw from all populated areas in Gaza. This phase also includes a comprehensive ceasefire and the release of numerous hostages, including women, the elderly, and the wounded, in exchange for hundreds of Palestinian prisoners.
#Hamas #IsraelCeasefireDeal #IsraelHamasCeasefire #BidenHamasCeasefire #AllEyesOnRafah #CeasefireDeal #GazaConflict #MiddleEastPeace #HostageExchange #IsraelGaza #PeaceNegotiations #WarInGaza #HumanitarianCrisis #ConflictResolution #InternationalRelations #DiplomaticEfforts #PeaceProposal #GazaWar2024 #CeasefireAgreement
Biden unveiled three-phase Israeli proposal for a ceasefire in Gaza at the White House. Hamas has reacted positively to the deal but Biden acknowledged keeping it on track would be difficult.
Credit: euronews (in English) Duration: 01:00Published
Biden Cancels Over $7 Billion in Student Debt , for More Than 277,000 Borrowers.
On April 12, President Joe Biden said that over 277,000 borrowers in more than
40 states will have $7.4 billion in student
loan debt wiped out, 'The Hill' reports. .
To date, the Biden administration has canceled $153 billion in student loan debt. .
From day one of my administration,
I promised to fight to ensure higher
education is a ticket to the middle class,
not a barrier to opportunity. , President Joe Biden, via statement.
I will never stop working to cancel
student debt – no matter how
many times Republican elected
officials try to stop us, President Joe Biden, via statement.
'The Hill' reports that Biden's loan forgiveness has largely been aimed at helping
"public service workers, those on IDR plans," .
people who've been defrauded by educational institutions and those with disabilities. .
Republican Rep. Virginia Foxx, chair of the House Education Committee, issued a statement in response to Biden's actions. .
The administration is tone deaf.
There’s no other way to put it, Rep. Virginia Foxx, chair of the House Education Committee, via statement.
We know that instead of doing its
job the administration focused
time, energy, and resources on
its illegal student loan scheme. , Rep. Virginia Foxx, chair of the House Education Committee, via statement.
And that has been frustrating, especially
since it has jeopardized the academic
journey of millions of students, Rep. Virginia Foxx, chair of the House Education Committee, via statement.
But what is absolutely maddening is
that the administration is STILL not
doing its job and instead focusing on
its student loan shenanigans. , Rep. Virginia Foxx, chair of the House Education Committee, via statement.
White House press secretary Karine Jean-Pierre said, , “We know what Republicans are going to do; we can’t
stop them from that. But it’s also not going to stop the president from acting and taking action, like he is today.”
Credit: Wibbitz Top Stories Duration: 01:30Published
Title IX Regulations Add Protections , for Transgender Students.
Title IX prohibits "sex-based discrimination at government-funded schools," 'The Hill' reports. .
On April 19, the Biden administration revealed the last of its changes to the federal civil rights law. .
The new regulations expand how sex discrimination is defined, now including
sexual orientation and gender identity. .
These final regulations build on the
legacy of Title IX by clarifying that
all our nation’s students can access
schools that are safe, welcoming,
and respect their rights. , Education Secretary Miguel Cardona, via statement.
The update also reinstates "protections for student survivors of sexual assault and harassment" which were changed under President Trump, 'The Hill' reports.
Catherine Lhamon, the Education Department’s assistant secretary for civil rights, .
says the new rules will help schools
respond to "all sex discrimination,
not limited to sexual harassment.".
Biden's final changes to Title IX
are sure to be condemned by Republicans
who view transgender protections as failing
to protect cisgender women and girls.
The new changes will take effect Aug. 1.
The Biden administration has not yet finalized an additional rule pertaining to sports eligibility. .
Since 2021, 24 states have passed laws prohibiting transgender student-athletes from playing on
sports teams that align with their gender identity
Credit: Wibbitz Top Stories Duration: 01:31Published
ConocoPhillips , to Buy Marathon Oil.
ConocoPhillips , to Buy Marathon Oil.
On May 29, ConocoPhillips agreed to
acquire Marathon Oil in an all-stock deal valued at $17 billion, CNBC reports.
The agreement will provide ConocoPhillips with
an additional 2 billion barrels of U.S. inventory.
This acquisition of Marathon Oil further
deepens our portfolio and fits within our
financial framework, adding high-quality,
low cost of supply inventory adjacent to our
leading U.S. unconventional position. , ConocoPhillips CEO Ryan Lance, via statement.
ConocoPhillips' market cap will
exceed $150 billion due to the deal.
As an independent producer, ConocoPhillips will now be on the same scale as some big-time players, CNBC reports.
For example, the company will become larger than BP but still be smaller than Shell, according to Andrew Dittmar, M&A analyst at Enverus.
For example, the company will become larger than BP but still be smaller than Shell, according to Andrew Dittmar, M&A analyst at Enverus.
While the deal is likely to face FTC scrutiny, the fact that Marathon's assets encompass multiple basins supports regulatory approval, Dittmar said. .
Once the deal is complete,
ConocoPhillips anticipates share buybacks worth $7 billion within the first year.
After three years, that number is
expected to grow to $20 billion.
ConocoPhillips' larger rivals,
Exxon Mobil and Chevron, announced
blockbuster deals as well last year.
ConocoPhillips' larger rivals,
Exxon Mobil and Chevron, announced
blockbuster deals as well last year
Credit: Wibbitz Top Stories Duration: 01:31Published
Poll Highlights Gap , Between Economic Data and , Consumer Attitudes .
CNBC reports that over half of Americans
falsely believe the United States is in
the middle of an economic recession.
A recession is officially defined as an extended period of
economic decline, usually after gross domestic product
(GDP) declines for two or more consecutive quarters. .
However, for the past several years,
GDP has actually been increasing.
Despite this, a recent Guardian/Harris poll
found that 56% of respondents believe the
U.S. is currently experiencing a recession. .
Despite this, a recent Guardian/Harris poll
found that 56% of respondents believe the
U.S. is currently experiencing a recession. .
At the same time, 58% of those polled believe
that the Biden administration is responsible
for the perceived economic downturn.
In the first quarter of 2024,
the GDP grew by 1.6%. .
CNBC reports that the recent poll
highlights the ongoing gap between
economic feelings and economic data. .
Consumer attitudes have been
lagging amid persistent inflation and
a consequently high cost of daily living. .
The poll comes just six months ahead of the November
presidential election which will pit President Joe Biden
against former president Donald Trump.
The poll comes just six months ahead of the November
presidential election which will pit President Joe Biden
against former president Donald Trump.
The Biden administration has been trying to shift the
mood of voters and recognize economic gains the U.S.
has made in the wake of the COVID-19 pandemic. .
The Biden administration has been trying to shift the
mood of voters and recognize economic gains the U.S.
has made in the wake of the COVID-19 pandemic.
Credit: Wibbitz Top Stories Duration: 01:31Published
Microsoft Announces , New Surface PCs With AI Chips.
On May 20, Microsoft announced that it will be releasing a Surface Laptop and Surface Pro tablet with Qualcomm AI chips, CNBC reports. .
On May 20, Microsoft announced that it will be releasing a Surface Laptop and Surface Pro tablet with Qualcomm AI chips, CNBC reports. .
Qualcomm's Arm-based chips
deliver longer battery life.
Other computer makers such as Dell, HP, Acer and more are also debuting AI-ready PCs that will offer Microsoft's Copilot AI chatbot.
PCs equipped with AMD and Intel chips that adopt the Copilot+ standard will be released at a later date, Microsoft said. .
PCs equipped with AMD and Intel chips that adopt the Copilot+ standard will be released at a later date, Microsoft said. .
Copilot+ computers will begin at $999.
Pre-orders are currently being accepted. .
The devices will be available in June.
The new offering comes almost four
months after Microsoft CEO Satya Nadella said on an earnings call that "in 2024,
AI will become a first-class part of every PC." .
The new offering comes almost four
months after Microsoft CEO Satya Nadella said on an earnings call that "in 2024,
AI will become a first-class part of every PC." .
On May 20, Microsoft shares
closed at $425.34, up 1.2%.
Qualcomm increased 2%
to $197.76, a record close
Credit: Wibbitz Top Stories Duration: 01:30Published
Hims and Hers , to Offer Weight Loss Injections.
GLP-1 medications like Ozempic and Wegovy have become increasingly popular.
However, the market has faced some supply constraints recently because of that popularity.
On May 20, Hims & Hers Health announced that it will be providing access to compounded GLP-1 weight loss injections, CNBC reports. .
Company shares jumped over 30%
following the announcement.
Compounded versions of medications are created
by certain manufacturers who meet FDA requirements when there are medication shortages.
However, the products are not tested
for safety and efficacy by the FDA.
The new offering of compounded GLP-1 medications can be accessed by getting a prescription from a health care provider on the Hims & Hers site.
Branded GLP-1 injections will be made available
once the supply becomes more consistent.
The price for compounded injections will
start at $199 per month, CNBC reports. .
Prior to announcing its GLP-1 offerings,
Hims & Hers revealed in an earnings report...
... that it anticipates its weight loss
program to garner over $100 million
worth of revenue by December 2025.
Hims & Hers CEO Andrew Dudum said that he is "confident" that a steady supply of the compounded injections will be available for customers.
We have a certain degree of
exclusivity with that facility that
will guarantee our consumers
consistent volume and supply, Hims & Hers CEO Andrew Dudum, via statement
Credit: Wibbitz Top Stories Duration: 01:31Published
Key Federal Reserve Inflation Gauge , Rose 2.8% in March.
According to Commerce Department
data released on April 26.
the personal consumption expenditures
(PCE) price index, not including food or energy, rose 2.8% year-over-year in March. .
That exceeded Dow Jones
estimates of 2.7%, CNBC reports. .
When also accounting for food and energy, the all-items PCE measure rose 2.7%,
which was above the 2.6% estimate.
Inflation reports released this morning
were not as a hot as feared, , George Mateyo, chief investment officer at Key Wealth, via CNBC.
... but investors should not get
overly anchored to the idea that
inflation has been completely
cured and the Fed will be cutting
interest rates in the near-term, George Mateyo, chief investment officer at Key Wealth, via CNBC.
The prospects of rate cuts remain,
but they are not assured, and the
Fed will likely need weakness in
the labor market before they
have the confidence to cut, George Mateyo, chief investment officer at Key Wealth, via CNBC.
Consumers continue to spend despite
higher prices, CNBC reports.
Personal spending increased 0.8% in March, while personal income rose 0.5%.
The personal saving rate dropped to 3.2% as more people are having to dip into their savings to cover the cost of living.
The Fed continues to target 2% inflation, which the core PCE has exceeded for
the last three years, CNBC reports.
Credit: Wibbitz Top Stories Duration: 01:30Published
After the High Court quashed the appeal of the Haryana government, which prescribed socioeconomic criteria for granting additional marks to certain classes of.. IndiaTimes
The Supreme Court allowed Biti Hotra Mohanti, convicted of sexually assaulting a German tourist in 2006 and sentenced to seven years in prison, to surrender at.. IndiaTimes
The Supreme Court is set to hear PILs demanding political parties to evaluate the fiscal burden of freebies. Parties have used freebies like education, meals,.. IndiaTimes
EPA's New Limits on PFAS , in Drinking Water Could Be , Upended by the Supreme Court.
'Newsweek' reports that the United States Supreme Court
is scheduled to hear a case against new water rules put
in place by the Environmental Protection Agency (EPA).
'Newsweek' reports that the United States Supreme Court
is scheduled to hear a case against new water rules put
in place by the Environmental Protection Agency (EPA).
In April, new national limits were placed on per-
and polyfluoroalkyl substances in the nation's
drinking water, otherwise known as PFAS. .
Also known as "forever chemicals,"
PFAS have been linked to a number of
health concerns, including cancer.
According to the EPA, of the 66,000 public drinking water
systems impacted by the new limits, an estimated 6% to
10% will need to make updates to meet the new standards.
According to San Francisco, the EPA's new
"narrative" regulations fail to meet the Clean Water
Act's requirement to lay out clear restrictions.
The lawsuit headed to the Supreme Court accuses the EPA of setting vague rules without quantifiable standards.
Rather than specify pollutant limits
that tell the permitholder how much
they need to control their discharges
as required by the CWA, these
prohibitions effectively tell
permitholders nothing more than
not to cause 'too much' pollution, Lawyers representing San Francisco, via 'Newsweek'.
These generic water quality terms
expose San Francisco and numerous
permitholders nationwide to
enforcement actions while failing
to tell them how much they need
to limit or treat their discharges
to comply with the Act, Lawyers representing San Francisco, via 'Newsweek'.
We simply want to know in advance
what requirements apply to us, and
we want the EPA to fulfil its duty
under the Clean Water Act to
determine those requirements. , Lawyers representing San Francisco, via 'Newsweek'.
'Newsweek' points out that the Supreme Court has sided against
the EPA in the past, most recently in 2022 when it ruled
6-3 against the Biden administration's climate agenda. .
'Newsweek' points out that the Supreme Court has sided against
the EPA in the past, most recently in 2022 when it ruled
6-3 against the Biden administration's climate agenda.
Credit: Wibbitz Top Stories Duration: 01:31Published
![What's in Gaza ceasefire roadmap unveiled by Biden? [Video]](https://video.newsserve.net/300/v/20240601/1377101386-What-in-Gaza-ceasefire-roadmap-unveiled-by.jpg)
!['It's Time For This War To End', Says Joe Biden In A Surprise Announcement | Israel - Hamas War [Video]](https://video.newsserve.net/300/v/20240601/1377097918-It-Time-For-This-War-To-End.jpg)
![Biden says Hamas 'no longer capable' of carrying out large-scale attack on Israel [Video]](https://video.newsserve.net/300/v/20240601/1377077814-Biden-says-Hamas-no-longer-capable-of-carrying.jpg)
![Biden Cancels Over $7 Billion in Student Debt for More Than 277,000 Borrowers [Video]](https://video.newsserve.net/300/v/20240412/1372488896-Biden-Cancels-Over-Billion-in-Student-Debt.jpg)
![Title IX Regulations Add Protections for Transgender Students [Video]](https://video.newsserve.net/300/v/20240419/1373196772-Title-IX-Regulations-Add-Protections-for-Transgender-Students.jpg)
![ConocoPhillips to Buy Marathon Oil [Video]](https://video.newsserve.net/300/v/20240529/1376839238-ConocoPhillips-to-Buy-Marathon-Oil.jpg)
![Poll Highlights Gap Between Economic Data and Consumer Attitudes [Video]](https://video.newsserve.net/300/v/20240522/1376203844-Poll-Highlights-Gap-Between-Economic-Data-and-Consumer.jpg)
![Microsoft Announces New Surface PCs With AI Chips [Video]](https://video.newsserve.net/300/v/20240521/1376068240-Microsoft-Announces-New-Surface-PCs-With-AI-Chips.jpg)
![Hims and Hers to Offer Weight Loss Injections [Video]](https://video.newsserve.net/300/v/20240520/1376000346-Hims-and-Hers-to-Offer-Weight-Loss-Injections.jpg)
![Key Federal Reserve Inflation Gauge Rose 2.8% in March [Video]](https://video.newsserve.net/300/v/20240426/1373828506-Key-Federal-Reserve-Inflation-Gauge-Rose.jpg)
![EPA's New Limits on PFAS in Drinking Water Could Be Upended by the Supreme Court [Video]](https://video.newsserve.net/300/v/20240529/1376826776-EPA-New-Limits-on-PFAS-in-Drinking.jpg)
![#PNews - Alledgedly Biden Admin Forgives $39B in Student Loan Debt to More than 800K Borrowers 👏 [Video]](https://video.newsserve.net/300/v/20230714/1689351092-PNews-Alledgedly-Biden-Admin-Forgives-39B-in.jpg)
