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Borrowers who are waiting to find out if their student loans will be forgiven have another court case to track. We’ll also look at Sam Bankman-Fried allegedly ducking a subpoena and a race to strike a spending deal.
But first, tweets are about to get much longer.
Welcome to On The Money, your nightly guide to everything affecting your bills, bank account and bottom line. For The Hill, we’re Sylvan Lane and Aris Folley. Someone forward you this newsletter? Sign up here or in the box below.Court takes on another clash over student debt relief
The Supreme Court on Monday agreed to hear a second legal clash over President Biden’s ambitious student debt relief plan that is currently blocked by lower courts.
The two cases involve an effort by the Biden administration to reinstate a loan forgiveness program that would give federal borrowers making less than $125,000 a year up to $10,000 debt relief.
Arguments in the cases could be heard as early as February. It was not immediately clear if the disputes would be consolidated or handled separately.
The breakdown: The case added Monday stems from a legal challenge brought by individual borrowers who argued the debt-relief program’s enactment was procedurally improper.
A Texas-based federal judge last month invalidated the program and a New Orleans-based federal appeals court let that ruling stand, prompting the administration’s appeal to the Supreme Court.
Separately, a St. Louis-based appeals court halted the loan relief program in response to a challenge by six conservative-led states.
The Hill’s John Kruzel has more here.
LEADING THE DAY
Senators say Bankman-Fried is refusing subpoena to testify about FTX collapse
Lawyers for FTX founder and former CEO Sam Bankman-Fried have refused to accept a subpoena for the disgraced cryptocurrency magnate to appear before the Senate Banking Committee, the Democratic and Republican leaders of the panel said Monday.
In a statement, Senate Banking Committee Chairman Sherrod Brown (D-Ohio) and ranking Republican Sen.
