Student loan forgiveness, China-Russia ties, 2024 election: 3 things to watch in politics
The issue of student loan forgiveness remains in focus as millions of borrowers await the Supreme Court's ruling on President Biden's student debt plan and the 2024 presidential election draws nearer.
Here are three top stories to watch in business and politics this week:
Supreme Court takes up Biden's student loan forgiveness plan
The Supreme Court will hear arguments pertaining to the legality of President Biden's student loan forgiveness plan on Tuesday.
Biden's student loan relief plan has brought student debt — particularly for middle-class millennials — to the forefront of the economic and political discussion. According to the White House, 26 million Americans have already applied for student debt forgiveness.
The Supreme Court will likely make its decision sometime in the summer if it proceeds with the case. That means that Biden's student debt plan could prove to be a key part of a 2024 presidential campaign. In the 2022 midterms, Democrats outperformed expectations in part because of unpopular Supreme Court decisions and the timing of Biden's student debt forgiveness plan.
If the Supreme Court strikes down the plan, Biden and Democrats would likely move quickly to implement something else, though the White House has stated they are not currently considering alternatives other than the extended payment pause, which is already in effect.
China provides Russia with chips despite sanctions
China has refused to issue sanctions or to assert economic pressure against Russia amid the ongoing invasion of Ukraine, which has stood in contrast to the United States, NATO allies, and strategic partners.
And now there appears to be growing evidence that China is not only refusing to go along with international norms but may actually be helping Russia.
The Wall Street Journal reported over the weekend that U.S. intelligence indicates that China might be helping Russia to obtain semiconductor chips — in some instances by going through Turkey.
Now top administration officials are warning China against cozying up to Russia.
“From our perspective, actually, this war presents real complications for Beijing, and Beijing will have to make its own decisions about how it proceeds, whether it provides military assistance," Biden National Security Adviser Jake Sullivan told CNN’s Dana Bash on Sunday. "But if it goes down that road, it will come at real costs to China. And I think China’s leaders are weighing that as they make their decisions.”
Will Biden run in 2024?
The question of whether Biden run for reelection in 2024 could be nearing an inflection point.
This week, New York Times best-selling author Marianne Williamson launched a Democratic presidential campaign. And while her candidacy is a long shot, it would force other potential Democratic candidates to answer whether or not they're considering a run.
Centrist Democrat Sen. Joe Manchin (D-WV) has added to the intrigue by openly toying with the prospects of running on a unity ticket.
That could make never-Trump Republicans such as former Rep. Liz Cheney (R-WY) or moderate Republicans such as Sen. Lisa Murkowski (R-AK) potential running mates. But so far, nothing concrete has been declared.
There remains a strong contingency of support within the Democratic party for Biden, whose allies reiterate that he beat expectations in the midterms.
One person in Biden's corner? The first lady. Dr. Jill Biden told CNN that when it comes to a reelection campaign, she's "all for it."
Kevin Cirilli is a visiting media fellow at the Atlantic Council's Global China Hub.
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