— a $620 million increase over the 2023 spending level — to carry out the reforms the department has announced. But with a Republican majority in the House, it's unlikely Biden's budget request will be approved at his requested levels, meaning further delays in relief reforms are likely.
U.S. President Joe Biden, joined by Education Secretary Miguel Cardona, speaks on student loan debt in the Roosevelt Room of the White House August 24, 2022 in Washington, DC. President Biden announced steps to forgive $10,000 in student loan debt for borrowers who make less than $125,000 per year and cap payments at 5 percent of monthly income.
"We feel confident in our authority under the HEROES Act to take the action that we have taken," Bharat Ramamurti, deputy director of the National Economic Council,"Obviously, the Supreme Court will weigh in on that soon," he added."But we are not deliberating or considering any other kind of alternative approach. We're fully committed to the approach that the Secretary of Education used in this case, and we're confident in our legal authority.
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