WASHINGTON — The U.S. Senate voted 50-48 Thursday night to pass an agreement to extend the government’s borrowing authority through early December to avert what could have been the country’s first-ever default on its debts. Senate Majority Leader Chuck Schumer announced the pact on the Senate floor after negotiations with Republican leader Mitch McConnell. He proposed […]
“Now do the rest of the $1.8 trillion,” said The Debt Collective. The Biden administration announced Thursday that it is moving to wipe out $5.8 billion in federal student loan debt held by more than 300,000 people with severe disabilities, a step progressives welcomed while also demanding that such relief be extended to every borrower in […]
A legislative fix is needed, said one observer, to prevent “a flood of new judgments from debt collectors to siphon stimulus funds out.” Direct payments from the newly approved coronavirus relief package began landing in people’s bank accounts with striking quickness this weekend, but a glaring shortcoming of the American Rescue Plan caused by the arcane procedural […]
“Normally the rich are moderately more subtle about rigging the system in their favor. They’re scared.” Billionaire Education Secretary Betsy DeVos this week proposed handing over the federal government’s $1.5 trillion student loan portfolio to a “stand-alone government corporation,” a move observers condemned as a corrupt ploy to strip the next president of the ability to cancel […]