President Joe Biden said on Wednesday the US government will forgive $10,000 in student loans for millions of debt-saddled former college students, keeping a pledge he made in the 2020 campaign for the White House.

The move could boost support for his fellow Democrats in the November congressional elections, but some economists said it may fuel inflation and some Republicans in the US Congress questioned whether the president had the legal authority to cancel the debt, reports Reuters.

Debt forgiveness will free up hundreds of billions of dollars for new consumer spending that could be aimed at homebuying and other big-ticket expenses, according to economists who said this would add a new wrinkle to the country's inflation fight.

The actions are "for families that need them the most - working- and middle-class people hit especially hard during the pandemic," Biden said during remarks at the White House. He pledged no high-income households would benefit, addressing a central criticism of the plan.

"I will never apologize for helping working Americans and middle class, especially not to the same folks who voted for a $2 trillion tax cut that mainly benefited the wealthiest Americans and the biggest corporations," Biden said, referring to a Republican tax cut passed under former President Donald Trump.

Borrower balances have been frozen since the beginning of the Covid-19 outbreak, with no payments required on most federal student loans since March 2020. Many Democrats had pushed for Biden to forgive as much as $50,000 per borrower.

Republicans mostly opposed student loan forgiveness, calling it unfair because it will disproportionately help people earning higher incomes.

"President Biden's student loan socialism is a slap in the face to every family who sacrificed to save for college, every graduate who paid their debt, and every American who chose a certain career path or volunteered to serve in our Armed Forces in order to avoid taking on debt," Senate Minority Leader Mitch McConnell said Wednesday.

The administration has yet to determine the price tag for the package, which will depend on how many people apply for it, White House domestic policy adviser Susan Rice told reporters. Student loans obtained after June 30 this year are not eligible, she said.

White House Press Secretary Karine Jean-Pierre told reporters the administration has legal authority to forgive the debt under a law allowing such action during a national emergency such as a pandemic. Earlier, Republican US Representative Elise Stefanik had called the plan "reckless and illegal."

American university tuition fees are substantially higher than in most other rich countries, and US consumers carry $1.75 trillion in student loan debt, most of it held by the federal government. Biden said other countries could bypass the United States economically if students are not offered economic relief.

PANDEMIC PAUSE, PELL GRANTS

The administration will extend a Covid-19 pandemic-linked pause on student loan repayment to year end, while forgiving $10,000 in student debt for single borrowers with annual income under $125,000 a year or married couples who earn less than $250,000, the White House said.

Some 8 million borrowers will be affected automatically, the Department of Education said; others need to apply for forgiveness.

The government is also forgiving up to $20,000 in debt for some 6 million students from low-income familieswho received federal Pell Grants, and proposing a new rule that protects some income from repayment plans and forgives some loan balances after 10 years of repayment, the Education Department said.

A New York Federal Reserve study shows that cutting $10,000 in federal debt for every student would amount to $321 billion and eliminate the entire balance for 11.8 million borrowers, or 31 per cent of them.

INFLATION IMPACT

A senior Biden administration official told reporters the plan could benefit up to 43 million student borrowers, completely cancelling the debt for some 20 million.

After December 31, the government will resume requiring payment on remaining student loans that were paused during the pandemic. The official said this would offset any inflationary effects of the forgiveness. Payment resumptions could even have a dampening effect on prices, the official said.

Former US Treasury secretary Larry Summers disagreed. He said on Twitter that debt relief "consumes resources that could be better used helping those who did not, for whatever reason, have the chance to attend college. It will also tend to be inflationary by raising tuitions."

Similarly Jason Furman, a Harvard professor who headed the Council of Economic Advisers during the Obama administration, said debt-cancellation would nullify the deflationary powers of the Inflation Reduction Act. "Pouring roughly half trillion dollars of gasoline on the inflationary fire that is already burning is reckless," he said.

Moody's analytics chief economist Mark Zandi sided with the White House, saying the resumption of billions of dollars per month in student loan payments "will restrain growth and is disinflationary."

Foreign Minister Dr Hasan Mahmud today said Bangladesh has sought support from India to become a member of BRICS, a group of emerging-market nations - the acronym stands for Brazil, Russia, India, China and South Africa.
 
"If BRICS decides to take a new member or partner, we want to be a part of the BRICS. We have sought support from India to this end (during the delegation level talks),"he said.
 
He briefed media about Prime Minister Sheikh Hasina's engagements on her two-day state visit to India at the invitation of her Indian counterpart Narendra Modi.
 
The foreign minister said the delegation level talks featured many issues of bilateral interests that include joint management of 54 common rivers and their water sharing, connectivity, trade, security, border management, introduce of quota for Bangladesh to import essential commodities from India, quick medical visas for Bangladeshis and development of partnership.
 
During the meeting, both sides have expressed their satisfaction as the bilateral relations between Bangladesh and India has been strengthening and continuing to reach new height under the dynamic leadership of Prime Minister Sheikh Hasina for the last 15 years and Indian premier Narendra Modi in last 10 years.
 
"Both sides have expressed their willingness to elevate further the relations," Dr Hasan said.
 
Replying to a question, he said that Bangladesh and India have shared 54 common rivers.
 
The matter of forming joint river management for the rivers has prominently come to the delegation-level talks, the foreign minister said.
 
"Joint river management is important as it can help us to fight together the adverse impact of the climate change," he said.
 
Replying to a query, Dr Hasan said Bangladesh is set to import electricity from Bhutan and Nepal and Bangladesh has already signed an agreement with Bhutan to this end.
 
He said Bangladesh has talked about the matter with India and "India gave a very positive response".
 
It is not enough to only produce electricity and it also requires a transmission line to distribute the power, the minister said.
 
Hasan said India has been currently working to set up a transmission line for 3000mw power.
 
"India will facilitate Bangladesh from the transmission line to this end," he said.
 
About killings at boarder, the foreign minister said both Bangladesh and India are politically committed to bring down the boarder killings to zero level.
 
Both the countries have been working to decrease the killings in borders, he said.
 
He continued they have sought to introduce a quota for Bangladesh to import essential commodities such as onion, oil, wheat, and sugar.
 
"We have sought a specific quota for this purpose as they don't stop exporting essential items to Bangladesh," he said.
 
Replying to a query, the foreign minister said Teesta project was also discussed during the bilateral meeting with India.
 
India has expressed its desire to assist Bangladesh in the implementation of the Teesta project, he said, adding that other countries have also expressed their willingness to this matter.
 
Technical committees of both the countries will sit together to pursue the matter, he continued.
 
Dr Hasan also said India has expressed no objection to China to this end.
 
The foreign minister said Bangladesh had sought help from India to send back 12 lakh forcibly displaced Rohingyas to their motherland Myanmar.
 
Indian side said China has a role to play to this end, he said.
 
In reply, Bangladesh Prime Minister said she will bring the matter to Chinese government as she will visit China soon, he said.
 
In replying to a question, Mahmud said he himself brought the issue of resolving the existing problem over Indian medical visa for Bangladeshis by cutting the duration of issuing medical visas.
 
Bangladeshis are currently facing problem in getting medical visas as it takes a long time, he said.
 
The Indian Prime Minister already asked the authorities concerned to resolve the problem.
 
India has been working to update their software and issue e-visas to resolve the problem, he said.
 
Bangladesh High Commissioner to India M Mustafizur Rahman and PM's Press Secretary M Nayeemul Islam Khan were present during the briefing.

(Source: BSS)

The flood situation in Assam persisted, affecting over 6 lakh people across 10 districts, officials said on Sunday. 

Heavy rainfall across the state caused rivers such as Kopili, Barak, and Kushiyara to surpass their danger levels, which forcing prompte evacuations to affected people in many areas for safety, they said. 

Among the affected districts are Hailakandi, Hojai, Morigaon, Karimganj, Nagaon, Cachar, Dibrugarh, Golaghat, Karbi Anglong West, and Dima Hasao, with a total of 6,01,642 people impacted by the floods.

The death toll from floods and storms since May 28 stands at 15. Nagaon remains the most severely affected district, with over 2.79 lakh people affected, followed by Hojai with 1,26,813 and Cachar with 1,12,265. Over 40,000 displaced individuals are seeking refuge in relief camps across various districts. Multiple agencies, including NDRF, SDRF, local administration, and volunteers, are conducting rescue and relief operations.

Furthermore, road and rail communications are disrupted in several parts of the state. Due to track damage and waterlogging, ten trains scheduled to depart from Saturday to Monday have been canceled, according to a spokesperson from Northeast Frontier Railway's Lumding division.

American and British forces carried out a fresh wave of strikes Saturday against 18 Huthi targets in Yemen, following weeks of unrelenting attacks on Red Sea shipping by the Iran-backed rebels.

The strikes "specifically targeted 18 Huthi targets across eight locations in Yemen" including weapons storage facilities, attack drones, air defense systems, radars, and a helicopter, a joint statement said.

It was co-signed by Australia, Bahrain, Denmark, Canada, the Netherlands and New Zealand, who gave unspecified "support" to the new round of strikes, the second this month and fourth since the rebels began their attacks on ships in the region.

"The Huthis' now more than 45 attacks on commercial and naval vessels since mid-November constitute a threat to the global economy, as well as regional security and stability, and demand an international response," the statement said.

Huthi-run Al-Masirah television reported "a series of raids on the capital Sanaa," while AFP correspondents in the rebel-controlled city in western Yemen said they heard several loud bangs.

"The United States will not hesitate to take action, as needed, to defend lives and the free flow of commerce in one of the world's most critical waterways," Pentagon chief Lloyd Austin said in a separate statement after the strikes.

"We will continue to make clear to the Huthis that they will bear the consequences if they do not stop their illegal attacks, which harm Middle Eastern economies, cause environmental damage, and disrupt the delivery of humanitarian aid to Yemen and other countries."

Huthi military spokesman Yahya Saree was defiant, vowing in a social media statement that the rebels would "confront the American-British escalation with more qualitative military operations against all hostile targets in the Red and Arab Seas."

The UK Ministry of Defence said four Royal Air Force Typhoon FGR4s targeted "several very long-range drones, used by the Houthis for both reconnaissance and attack missions," on Saturday, at a site north-east of Sanaa.

Saturday's operation comes after several merchant vessels were struck this week in the region, including the fertilizer-filled Rubymar, whose crew had to abandon ship after it was hit Sunday and began taking on water.

Apart from the joint operations with Britain, the United States has also carried out unilateral strikes against Huthi positions and weaponry in Yemen, and downed dozens of missiles and drones in the Red Sea.

- Anti-ship missile downed -

Earlier on Saturday, US Central Command (CENTCOM) announced that an American Navy ship had shot down an anti-ship ballistic missile "launched into the Gulf of Aden from Iranian-backed Huthi controlled areas of Yemen."

The missile "was likely targeting MV Torm Thor, a US-Flagged, owned, and operated chemical/oil tanker," CENTCOM said on X, formerly Twitter.

US forces on Friday also shot down three attack drones near commercial ships in the Red Sea and destroyed seven anti-ship cruise missiles on land, CENTCOM said.

The Huthis say they are targeting Israel-linked vessels in support of Palestinians in Gaza, which has been ravaged by the Israel-Hamas war.

Following previous US and UK strikes, the Huthis declared American and British interests to be legitimate targets as well.

The Huthis will "persist in upholding their religious, moral and humanitarian duties towards the Palestinian people, and their military operations will not stop unless the aggression stops and the siege on the Palestinian people in the Gaza Strip is lifted," military spokesman Saree said.

Anger over Israel's devastating campaign in Gaza -- which began after an unprecedented Hamas attack on October 7 -- has grown across the Middle East, stoking violence involving Iran-backed groups in Lebanon, Iraq, Syria and Yemen.

Israel launched air strikes Thursday on southern Gaza's Rafah after threatening to send troops into the city, where around 1.4 million Palestinians have sought shelter from around the territory.

Global powers trying to navigate a way to end the Israel-Hamas war have so far come up short, but a US envoy was expected in Israel on Thursday to try to secure a truce deal.

International concern has spiralled over the high civilian death toll and dire humanitarian crisis in the war sparked by Hamas's October 7 attack against Israel.

More than four months of relentless fighting and air strikes have flattened much of the Hamas-run coastal territory, pushing its population of around 2.4 million to the brink of famine, according to the UN.

International concern has in recent weeks centred on Gaza's southernmost city of Rafah, where more than 1.4 million people forced to flee their homes elsewhere in the territory are now living in crowded shelters and makeshift tents.

The last city untouched by Israeli ground troops, Rafah also serves as the main entry point via neighbouring Egypt for desperately needed relief supplies.

Israel has warned it will expand its ground operations into Rafah if Hamas does not free the remaining hostages held in Gaza by next month's start of the Muslim holy month Ramadan.

- 'My daughter' -

The war started when Hamas launched its attack on October 7, which resulted in the deaths of about 1,160 people in Israel, mostly civilians, according to an AFP tally of official Israeli figures.

Hamas militants also took about 250 hostages -- 130 of whom remain in Gaza, including 30 presumed dead, according to Israel.

Israel's retaliatory campaign has killed at least 29,313 people, mostly women and children, according to the latest count by the Hamas-run health ministry in the territory.

War cabinet member Benny Gantz said Israel's operation in Rafah would begin "after the evacuation of the population", although his government has not offered any details on where civilians would be evacuated to.

In the early hours of Thursday, AFP reporters heard multiple air strikes on Rafah, particularly in the Al-Shaboura neighbourhood.

The Hamas-run health ministry in Gaza said early Thursday that 99 people had been killed around Gaza during the night, most of them women, children and elderly people.

Abdel Rahman Mohamed Jumaa said he lost his family in recent strikes on Rafah.

"I found my wife lying in the street," he told AFP. "Then I saw a man carrying a girl and I ran towards him and.... picked her up, realising she was really my daughter."

He was holding a small shrouded corpse in his arms.

- 'Possibility of progress' -

Brett McGurk, the White House coordinator for the Middle East and North Africa, was expected to arrive in Israel Thursday -- his second stop in the region after Egypt as part of US efforts to advance a hostage deal and broker a truce.

Hamas's chief Ismail Haniyeh was in Cairo for talks as well, according to the group.

Israel's Gantz said there were efforts to "promote a new plan for the return of the hostages".

"We are seeing the first signs that indicate the possibility of progress in this direction."

Matthew Miller, US State Department spokesman, said Washington was hoping for an "agreement that secures a temporary ceasefire where we can get the hostages out and get humanitarian assistance", but declined to give details on ongoing negotiations.

Israeli Prime Minister Benjamin Netanyahu has insisted the army will keep fighting until it has destroyed Hamas and freed the remaining hostages.

Israel's parliament on Wednesday overwhelmingly backed a proposal by Netanyahu to oppose any unilateral recognition of a Palestinian state.

The vote came days after the Washington Post reported that US President Joe Biden's administration and a small group of Arab nations were working out a comprehensive plan for long-term peace between Israel and the Palestinians.

It included a firm timeline for the establishment of a Palestinian state, the report said.

Separately, a report by an Israeli group that fights sexual violence said Hamas's October 7 attack also involved systematic sexual assaults on civilians, based on witness testimonies, public and classified information, and interviews.

The report came the same week UN rights experts called for an independent probe into alleged Israeli abuses against Palestinian women and girls -- which Israel rejected as "despicable and unfounded claims".

Israeli officials have repeatedly alleged the militants committed violent sexual assaults during the attack -- something Hamas has denied.

- 'Waiting for death' -

Combat and chaos have stalled sporadic aid deliveries for civilians in Gaza, while in Khan Yunis -- a city just north of Rafah -- medical charity Doctors Without Borders (MSF) said an Israeli tank had fired on a house sheltering their employees and families.

Two relatives of MSF staff were killed and six others injured, it said, condemning the strike in the "strongest possible terms".

When contacted by AFP about the incident, the Israeli army said its forces had "fired at a building that was identified as a building where terror activity is occurring", adding that it "regrets" harm to civilians.

In the same town, the Palestinian Red Crescent said another hospital was also hit by "artillery shelling".

Israel has repeatedly said Hamas militants use civilian infrastructure including hospitals as operational bases -- claims that Hamas has denied.