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
Cardi B won’t be casting her ballot for Joe Biden or Donald Trump this November … 'cause she’s calling them both failures as Commanders In Chief. Cardi.. TMZ.com
Biden Asserts Executive Privilege , Over Audio of Interview With Robert Hur.
In February, Hur's yearlong investigation
into whether President Biden mishandled classified documents ended without enough evidence to support criminal charges.
In February, Hur's yearlong investigation
into whether President Biden mishandled classified documents ended without enough evidence to support criminal charges.
House Republicans were provided a
transcript of Biden's interview with Hur, but they wanted the audio, which the DOJ denied.
As a result, House Republicans were
moving to hold Attorney General
Merrick Garland in contempt of Congress.
On May 16, the Department of Justice told House Republicans that the president asserted executive privilege over audio from his interview with the special counsel.
The move protects Garland from criminal exposure as GOP lawmakers seek to hold him accountable.
Assistant Attorney General Carlos Uriarte
explained the DOJ's actions in a letter.
The Attorney General must draw a line
that safeguards the Department from
improper political influence and protects
our principles, our law enforcement work,
and the people who carry out that work
independently, without fear or favor, Assistant Attorney General Carlos Uriarte, via letter .
The Committees seek to hold the
Attorney General in contempt
not for failing in his duties,
but for upholding them, Assistant Attorney General Carlos Uriarte, via letter .
With the information you now have,
the Committees ought not to proceed
with contempt and should instead avoid
unnecessary and unwarranted conflict, Assistant Attorney General Carlos Uriarte, via letter .
White House Counsel Ed Siskel also wrote a letter supporting the assertion of executive privilege. .
The absence of a legitimate need
for the audio recordings lays bare
your likely goal—to chop them up,
distort them, and use them for
partisan political purposes, White House Counsel Ed Siskel, via letter
Credit: Wibbitz Top Stories Duration: 01:31Published
President Biden's getting better at saving himself from nasty tumbles ... 'cause he was thiiis close to going down Wednesday in the middle of a memorial for.. TMZ.com
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
Biden Forgives $6 Billion in Student Debt , for Public Service Workers.
On March 21, the Biden administration canceled nearly $6 billion in student loans for approximately 80,000 public service workers, NPR reports.
Such workers include teachers,
nurses, firefighters and more.
Such workers include teachers,
nurses, firefighters and more.
Such workers include teachers,
nurses, firefighters and more.
These public service workers have
dedicated their careers to serving their
communities, but because of past
administrative failures, never got the
relief they were entitled to under the law, President Joe Biden, via statement.
Because of the fixes my administration
has made, we have now canceled student
debt for over 870,000 public service workers —
compared to only about 7,000 public
service borrowers ever receiving
forgiveness prior to my administration, President Joe Biden, via statement.
Those who are eligible for this round of student
loan forgiveness will receive an email next week.
Thousands more who are enrolled in the
Public Service Loan Forgiveness program
will receive emails "if they are within two years
of having their debt forgiven," NPR reports. .
The announcement comes as the president travels the country to campaign for reelection.
From day one of my administration, I promised
to fix broken student loan programs and make
sure higher education is a ticket to the
middle class, not a barrier to opportunity, President Joe Biden, via statement.
I won't back down from using every
tool at my disposal to deliver student debt
relief to more Americans, and build an
economy from the middle out and bottom up, President Joe Biden, via statement
Credit: Wibbitz Top Stories Duration: 01:31Published
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
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
Netflix Exceeds Earnings Estimates , As Subscribers Increase.
Netflix Exceeds Earnings Estimates , As Subscribers Increase.
Netflix released a Q1 earnings report on April 18, indicating that its number of subscribers jumped 16% year-over-year to reach 269.6 million.
Analysts only expected the streamer to have about 264.2 million subscribers, CNBC reports. .
The company also brought in $9.37 billion in revenue versus analysts' expectations of $9.28 billion. .
However, Netflix said that its membership numbers are no longer the main factor contributing to the company's growth.
As a result, the company will stop providing "quarterly membership numbers or average revenue per user" beginning in 2025, CNBC reports. .
Instead, it will divulge "major subscriber milestones as we cross them.".
Price hikes, terminating password sharing
and offering an ad-supported tier are all tactics that have boosted revenue.
Netflix is also seeking to gain traction within the video game space and recently partnered with TKO Group Holdings to offer WWE on the platform.
We’re in the very early days of
developing our live programming and
I would look at this as an expansion of
the types of content we offer, the way
we expanded to film and unscripted and
animation and most recently games, Ted Sarandos, co-CEO of Netflix, via earnings call.
We believe that these kind of event cultural
moments like the Jake Paul and Mike Tyson
fight are just that kind of television, and we
want to be part of winning over those
moments with our members as well, so that
for me is the excitement part of this, Ted Sarandos, co-CEO of Netflix, via earnings call.
As of the morning of April 18,
Netflix's stock was up 27%
Credit: Wibbitz Top Stories Duration: 01:30Published
Google Fires Employees , for Protesting Israel Contract.
28 Google workers have been fired for protesting
a $1.2 billion contract that the company has with
the Israeli government and military to provide
cloud and AI services, NBC News reports. .
The firings follow an April 16 sit-in at
Google's offices in California, New York and Seattle in which nine workers were arrested.
The group that coordinated the demonstration
is known as No Tech for Apartheid. .
Google issued a statement about the recent firings.
A small number of employee
protesters entered and disrupted
a few of our locations. , Google spokesperson, via statement.
Physically impeding other employees’
work and preventing them from
accessing our facilities is a clear
violation of our policies, and
completely unacceptable behavior. , Google spokesperson, via statement.
We have so far concluded
individual investigations that
resulted in the termination of
employment for 28 employees,
and will continue to investigate
and take action as needed, Google spokesperson, via statement.
No Tech for Apartheid claims that the
workers were fired "indiscriminately.".
This excuse to avoid confronting
us and our concerns directly,
and attempt to justify its illegal,
retaliatory firings, is a lie, No Tech for Apartheid, via statement.
Meanwhile, many of Google's workers have
reportedly quit after experiencing "mental health consequences of working at a company that is using their labor to enable a genocide," No Tech for Apartheid said.
On a personal level, I am opposed
to Google taking any military
contracts — no matter which
government they’re with or what
exactly the contract is about. , Cheyne Anderson, a Google Cloud software engineer based
in Washington who was arrested during a sit-in, to CNBC
Credit: Wibbitz Top Stories Duration: 01:31Published
Amazon Cuts Hundreds , of Cloud Computing Jobs.
An Amazon Web Services (AWS)
spokesperson issued a statement about
the job cuts on April 3, CNBC reports. .
We’ve identified a few targeted areas of
the organization we need to streamline
in order to continue focusing our efforts
on the key strategic areas that we
believe will deliver maximum impact, AWS spokesperson, via statement.
We didn’t make these decisions
lightly, and we’re committed
to supporting the employees
throughout their transition to new
roles in and outside of Amazon, AWS spokesperson, via statement.
Cuts are being made to the store technology division “as a result of a broader strategic shift in the use of some applications in Amazon’s owned as well as in third-party stores,” the spokesperson said.
The layoffs come after Amazon announced that it was ending its Just Walk Out technology in Fresh stores.
The cashierless technology is overseen
by teams within the AWS unit. .
Beginning in 2022, Amazon started
its largest layoffs in history by letting
go of 27,000 roles company-wide. .
So far in 2024, the retail behemoth has cut jobs at Audible, Buy with Prime, Prime Video, MGM Studios and Twitch, CNBC reports. .
This latest round of cuts will
allow U.S. employees to collect pay
and benefits for a minimum of 60 days.
They will also be offered a severance package.
Credit: Wibbitz Top Stories Duration: 01:30Published
UPS to Become US Postal Service’s , Main Air Cargo Provider.
On April 1, United Parcel Service announced
that it will replace FedEx as the primary air
cargo provider for the USPS, CNBC reports. .
On April 1, United Parcel Service announced
that it will replace FedEx as the primary air
cargo provider for the USPS, CNBC reports. .
FedEx is walking away from a
22-year partnership after failing to
secure a better contract with the agency. .
FedEx is walking away from a
22-year partnership after failing to
secure a better contract with the agency. .
In fiscal year 2023, USPS paid FedEx $1.73 billion
for its services, down from the $2.4 billion
FedEx received in fiscal year 2020.
The decrease in payments was partially due
to the postal service using more economical
trucks in place of planes, CNBC reports. .
The parties were unable to reach
agreement on mutually beneficial
terms to extend the contract, FedEx, via securities filing.
Since FedEx will lose nearly $2 billion in annual
business from letting go of the contract, .
hundreds of pilots will likely
lose their jobs, CNBC reports .
Following the announcement, UPS shares
increased 1.4% while FedEx stock dropped 1.6%.
FedEx's current contract is
set to expire on Sept. 29
Credit: Wibbitz Top Stories Duration: 01:30Published
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