House Republican Rep. DesJarlais to introduce new bill to block Biden student loan relief
Rep. Scott DesJarlais, R-Tenn., is set to introduce a bill that will aim to block President Biden’s student loan forgiveness plan.
“There’s a lot of people out there that took out loans and, you know, maybe didn’t get their dream job, but don’t pay them back,” DesJarlais told FOX Business. “So to somehow decide that they no longer need to have skin in the game, it kind of disincentivizes people from succeeding, in my opinion.”
The bill’s most aggressive provision aims to limit the secretaries of Education and Treasury, as well as the Attorney General, from taking any action toward forgiving student loan debt, except those carried out as part of the Higher Education Act of 1965.
“It may help those people who are irresponsible, but the ones that are out there working and paying taxes — now they’re going to be saddled with the burden of, if you want to call these other people’s mistakes or borrowed money management,” DesJarlais argued.
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Federal Reserve expected to announce new interest rate hike
The Federal Reserve is widely expected to announce another interest rate hike this week as it looks to tame scorching-hot inflation.
All eyes will be on the Federal Reserve this week, as it will kick off its two-day policy-setting meeting on interest rates this Tuesday.
On Wednesday, the Federal Reserve will announced its decision on interest rates.
U.S. stocks closed Friday after consumer inflation jumped 8.6% to a 40-year high and consumer sentiment sank to an all-time low as tracked by the University of Michigan. The Dow Jones Industrial Average fell 880 points or 2.7%, while the S&P lost 2.9% and the Nasdaq Composite 3.5%. For the week, all three of the major averages fell between 4.6% and 5.6%.