neil: demand all they want. the supreme court has ruled against the president s loan forgiveness program. a lot of folks not happy about that. there s options to make the payments more affordable or come up with some other solution. we re expecting to hear from the president of the united states on that. welcome. i m neil cavuto. shannon bream has had a busy day. tell us what s going down. let s talk about the student debt relief program that the supreme court 6-3 said cannot move forward. the chief justice had this to say. that s what the court found here. they said essentially they re waiving away $430 billion in executive loans. dissenting justice kagan said the statute does give the secretary broad authority to relieve a national emergency s effect on borrower s ability to relieve. the secretary did that. clearly the two sides saw this differently. the bottom line strawberry that program, which the president had expressed it being illegal, the speaker of the house s
the loan. i don t know the math that they used in here to come up with what could be a great miracle if they can pull that off. again, i could be missing that. i do want to look at the political implications. the administration is saying to students studentsboroers. we re with you today. we know there s millions of you counting on this relief materializing. this $400 billion relief that we were looking at. it works out about $432 billion. and that this would be money well-spent. now that is not happening. so they re blaming republicans, republicans are saying it was an ill conceived program from the start and often quoted nancy pelosi as the reason it should go nowhere. she s the former speaker that said years ago, it s not up to the president to start cutting
bringing in according to the treasury department. in october and november, the government took in $432 billion as you see there, still rang up a debt, deficit, rather, of $181 billion. and for the year the overall deficit projected to be more than $615 billion. that s up significantly from the previous two years. so, judge, you know, you look at these numbers, if you ran your household this way be bankrupt. kennedy: you d be bankrupt, they d take away your home, your credit would be destroyed. yet somehow people in charge, people in power can t help themselves. they want to spend money so badly in their home districts, in their home states. but we can t afford that. we can t keep propping that up. exactly. and i think, i think that that s one of the reasons why trump may be able to do what nobody else thinks he can do. it s kind of like when the election was coming around and everybody was like can he pull this out? the polls all say he s losing, and nobody was counting on that
deals that will never work. cheryl: john, individuals can file for bankruptcy, individuals and local businesses so why not a state filing for bankruptcy and starting over? because it will drive the borrowing cost through the roof. if you take off the implicit guarantee of the united states government behind california, illinois, new jersey. the rates to borrow money would be self-fulfilling prophecy. $432 billion, the highest ever was done in state and municipal bonds. 27% of those were buy american bonds. that program ended december 31. that is funding that dried up. the stimulus in the first part of this year. medicaid, payment to the state. 33% of state s budget come from the federal budget, directly in transfer payment to the state. 42% goes to the state and municipalities. you have a strong head wind.