like fox business that you demand it and you get it. the supreme court hearing arguments today the battle over forgiving students loan debt. the president says he has the authority to approve it. six republican-led states are moving to block it saying the costs will be passed to taxpayers. we have you covered with fox team coverage. shannon bream has more on where this stands legally and lydia hu on the potential impact from this financially. welcome. i m neil cavuto. this last trading day of february. more on that in a second. it was mixed. but right now, to the supreme court and shannon bream where it was loud. shannon? it was, neil. it was very busy. two hours turned into four hours for these arguments. two really big hurdles here. first is the issue of standing. you have the two sets of plaintiffs. you mentioned the states. there s some individual borrowers that say they will be negatively impacted if the plans plan goes through. so there s the first question of whether
administration can investigate itself and keep secret from congress what s in those documents for a risk assessment that we as policymakers have a constitutional right to make, is unacceptable, and it s also unacceptable, neil, just to limit this to the so-called gang of eight, those of us on the intelligence committees have oversight responsibility, every member of congress has our national security interests at stake, and it is important that we know, we know how to keep secrets, we do it every day. neil: there is a broad concern that the united states does not, and that china seems to know more of these secrets than we do. you seem not you, personally last in the pecking order, people who deserve to know. sometimes this is shared with the special counsel, the justice department, et cetera, and then it finally drips to you guys. does that take you off?
handling of the documents at both presidential homes. the intelligence community is now scrubbing the documents to understand if secrets are at risk. neil? neil: thank you for that, chad. chad pergram on capitol hill. senator john cornyn of texas, we talk about secrets and everything else, you think about it, senator, the far greater concern right now these classified documents, but what the chinese are up to. and the widespread tentacles that they are getting their way with very little u.s. opposition. what do you think of that? well, i think there is multiple reasons why congress, in particular the oversight committee select committee on intelligence ought to know what was taken outside of secure facilities and what may have been available to some of our adversaries. in other words, we need to know what they know, and we need to take appropriate steps to counter any action they may t take. this whole idea that the biden
can pursue this lawsuit. neil: it s not called a bailout but this is a variation of a bailout, right? you re bailing out some students of some of their debt and some cases all of their debt but up to $20,000 of all of their debt. can you not go back to the time of the financial meltdown in 2007, 2008 when we choose to rescue one company but didn t do that with all companies. we were told to rescue one brokerage firm but not all brokerage firms. the fairness argument was kind of settled in. that life is not fair. some will get a break, some won t. what do you think of that? right. look, any time the government establishes some sort of spending program to your point, it s inevitably going to favor some. you re right. life is not fair. the question here in addition to just this question of is it fair, putting aside fairness question, did the education department have the authority from congress to implement this
think what you said makes sense. you can say these are people that may be disproportionately suffered because of inflation. there s no question that tuition has been going up faster than the general rate of goods in society. at the same time from the legal perspective, whether or not this is a justified program or fair program doesn t get at that fundamental question of whether or not the education department had the authority to do what it did. if the court says that the education department didn t have the authority, that doesn t prevent congress from stepping in in other ways to try to alleviate the harm that people are feeling from this inflation issue. neil: we re showing that $400 billion price tag and the argument for not worrying about it, america, is that you re not paying for it. it s adding to the debt. no new taxes here. we all pay for that debt eventually. i don t know when that will be, by the way. but does that argument hold much muster with the supreme court justices?