Monday, April 8, 2024

Subscribe: Get the Daily Update in your inbox for free

1/ Biden announced a new student loan forgiveness plan that would cancel student debt for more than 30 million borrowers. Under the new plan, the administration would cancel up to $20,000 of a borrower’s accrued, unpaid interest regardless of their income. About 4 million student loan borrowers could see their debt fully canceled under the proposal, and an additional 10 million more borrowers could get $5,000 or more in relief. If the full plan is implemented, the Biden administration estimates it will “fully eliminate” accrued interest on 23 million borrowers’ unpaid balances. “This relief can be life-changing,” Biden said. “Folks, I will never stop to deliver student debt relief on hardworking Americans, and it’s only in the interest of America that we do it. And again, it’s for the good of our economy that’s growing stronger and stronger — and it is. By freeing millions of Americans from this crushing debt […] it means they can finally get on with their lives, instead of their lives being put on hold.” Since taking office, Biden has canceled $146 billion in student loans debt for 4 million public servants, defrauded students, disabled borrowers, and others already entitled to forgiveness under existing programs. About 43 million Americans have some form of student loan debt. (Axios / Associated Press / Politico / NPR / Washington Post / New York Times / CNN / NBC News / Wall Street Journal / USA Today)

2/ The Biden administration awarded a $6.6 billion grant to the world’s leading maker of advanced semiconductor chips to help it build three factories in Arizona. The funding, under the U.S. CHIPS and Science Act, will support Taiwan Semiconductor Manufacturing Company’s more than $65 billion investment in three fabrication plants in Phoenix. TSMC is also eligible for around $5 billion in loans under the CHIPS Act. “For the first time ever, we will be making, at scale, the most advanced semiconductor chips on the planet here in the United States,” Commerce Secretary Gina Raimondo said. Biden added: “America invented these chips, but over time, we went from producing nearly 40% of the world’s capacity to close to 10%, and none of the most advanced chips. (That exposes) us to significant economic and national security vulnerabilities.” The three fabs are expected to create about 6,000 direct manufacturing jobs and more than 20,000 construction jobs. (NBC News / Politico / CNN /

Visit WTF Just Happened Today? for more news and headlines, brought to you by Matt Kiser. The WTFJHT Podcast is narrated and produced by Joe Amditis.