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President Donald Trump's personal lawyer, Michael Cohen, told courts in New York late Wednesday that he'd like to drop defamation lawsuits he filed against Fusion GPS and BuzzFeed regarding the production and publication of an infamous dossier on Trump and Russia.Cohen had sued Fusion, a political research firm, and the media company separately in January, one year after the Russia dossier, which was prepared for Fusion, was published by BuzzFeed. He had alleged that assertions about family ties he had to Russians and a trip he took overseas mentioned in the dossier were wrong, and that they damaged his professional reputation.By dropping the lawsuits, Cohen will avoid turning over information about himself to the companies. 742

President Donald Trump announced today he wants a tax bill to pass by Thanksgiving and be signed by Christmas.The President, speaking at the White House today, also said it will be the biggest tax reform event in history and the bill will benefit the middle class and businesses. He says Democrats may support the proposed bill.The not-yet-released bill has already attracted ire from one powerful outside group. And House Ways and Means Chairman Kevin Brady announced Saturday he'd already made one concession to assuage concerns?from northeast Republicans, a sign of the major legislative undertaking Republicans are about to embark on. 661

President Donald Trump slammed his administration's top infectious disease expert, Dr. Anthony Fauci, during a conference call with his campaign staff, calling him a "disaster," according to Axios, The Associated Press and NBC News.During the call, Trump reportedly claimed, without evidence, that more than 800,000 people would have died of COVID-19 by now "if I listened to him." As of Monday, more than 200,000 have died of COVID-19.Trump also called Fauci a "nice guy," who had been in his position for "500 years." Fauci has been the director of the National Institute of Allergy and Infectious Diseases since he was appointed by President Ronald Reagan in 1984.During the call, Trump added that he would be unable to remove Fauci from his position without significant public backlash."Every time he goes on television, there's always a bomb, but there's a bigger bomb if you fire him. This guy's a disaster," Trump said.Trump added during his campaign call that he believed Americans were ready to move on from the COVID-19 crisis."People are tired of COVID. I have these huge rallies," Trump said, according to CNN. "People are saying whatever. Just leave us alone. They're tired of it. People are tired of hearing Fauci and all these idiots."Trump's comments came a day after Fauci was interviewed on 60 Minutes. During that interview, Fauci said he was "absolutely not surprised" to learn that Trump had contracted COVID-19 earlier this month, citing the fact that the President often appeared in large crowds without a mask.Fauci, one of the most plain-spoken members of the White House's coronavirus task force, has said that the Trump administration has taken steps during the pandemic to limit his media appearances. He also criticized the Trump campaign last week after he said it used an interview clip taken in March out of context and without his permission in an ad that has been targeted to key swing states.On Monday, former Vice President Joe Biden issued the following statement on Trump's comments on Dr. Fauci: 2042

President-elect Joe Biden’s proposal to forgive ,000 of federal student debt as COVID relief could erase loan balances for 15 million borrowers and reduce balances for millions more, according to federal data.Broad student loan forgiveness could affect 45.3 million borrowers with federal student loan debt who owe a total of .54 trillion to the government. Wiping out ,000 each — as Biden calls for — would result in up to 9 billion canceled.Seth Frotman, executive director of the Student Borrower Protection Center, says removing the student loans “albatross around their financial lives” could mean the difference for consumers who aspire to buy a house, save for retirement or start a business.“Student loan borrowers across the spectrum — old, young, urban, rural, high-balance, low-balance, Black, white — are hurting with their student loans, and that was before COVID even hit,” Frotman says.For now, Biden’s proposal is just an amount, with no details to answer questions about which loans might be canceled, whether forgiven amounts would be taxed and if borrowers would have defaulted loans removed from their credit history. It also faces huge hurdles politically.But here’s how ,000 in forgiveness could affect some categories of borrowers.For 15 million borrowers, a slate wiped cleanMore than a third of federal borrowers could see their balances fall to zero with ,000 in debt cancelation. Among those, 7.9 million owe less than ,000 in student loans and 7.4 million owe between ,000 and ,000, according to federal data.These are also the borrowers most likely to default on their loans. Over half of those who default (52%) have less than ,000 of federal undergraduate debt, according to an analysis of federal data by The Institute for College Access and Success, or TICAS.That’s because those with lower debt amounts often have not completed their schooling, so they don’t reap the benefits of a degree that leads to a better paying job. Among those who default, 49% did not complete their program of study, TICAS found.Default has severe consequences: It can sabotage credit scores and trigger collection efforts that can include seizure of tax refunds and Social Security payments.Many of these borrowers are current on their payments. For them, forgiveness could help, but it might not be much of a boon to the overall economy, says Betsy Mayotte, president and founder of The Institute of Student Loan Advisors.“If you owe ,000 and your payment is 0 — and that’s a lot of money to a lot of people — but you all of a sudden don’t have to pay 0 a month, I don’t see that 0 being put toward something that will stimulate the economy,” Mayotte says.For 19 million borrowers, some breathing roomThe typical student leaves school with around ,000 in debt, according to TICAS, an amount that can grow quickly with interest if students pause payments or go on repayment plans that allow them to make lower payments.Nearly 19 million borrowers owe between ,000 and ,000 in federal student loans, according to federal data. Without detailed execution plans from the Biden team, it’s trickier to say how these borrowers would be affected.For example, cancellation might not reduce the amount they pay each month, but it could draw their end date closer and lower the total amount they’d pay overall, due to interest. Or it might wipe out one loan completely but leave payments on others intact.For 11 million borrowers, a drop in the bucketHigher income households, as a whole, are the ones that hold the most debt.The high debt/high earner correlation makes sense because those who make more money tend to have more advanced education, according to findings from Georgetown University Center for Education and the Workforce. To get those advanced degrees, students rack up debt in the process.More than 8 million people owe the government between ,000 and 0,000 in student loans. An additional 3.2 million borrowers owe more than 0,000 on their federal loans, data show.A borrower repaying 0,000 on the standard federal 10-year plan at 5% interest would pay off the loans 15 months early if ,000 were forgiven.Forgiveness is still a big maybeThere’s also the question of how loan forgiveness could move forward: Will it be through Congress or executive action or not at all?“If anything can be done by executive action, [forgiveness] could happen very quickly,” says Robert Kelchen, associate professor of higher education at Seton Hall University. “I’m just not sure whether forgiving debt would withstand legal scrutiny.”Experts say any executive action could face lawsuits or be subject to judicial review, which would leave the fate of an order for forgiveness in the hands of the Supreme Court.“There are a lot of conservative judges, so I can imagine that many of them could be hostile to the policy,” says Wesley Whistle, senior advisor for policy and strategy, higher education at the public policy think tank New America.Mayotte said she is doubtful borrowers will see straight forgiveness since the reach of this type of pandemic relief wouldn’t be as broad as, say, providing supplemental unemployment or propping up small businesses.Forgiveness won’t happen before payments restartBiden proposed his forgiveness measure as part of COVID-related relief, but experts say there’s an even more pressing student loan concern that will come to a head before Biden starts his term — the end of the payment pause for student loan borrowers, which is set to sunset after Dec. 31.Doug Webber, associate professor of economics at Temple University, says he’s worried about the pitfalls of going “zero to 60” in one day with reinstating loan payments for a population that isn’t ready.“Once you give people a benefit, it’s always harder to take it back,” Webber says.The payment pause, known as a forbearance, has been in effect since March as part of the first coronavirus relief bill. President Donald Trump extended the relief through the end of the year, but neither the outgoing or incoming administration has committed to extending it again.While borrowers await the fate of forgiveness, they should contact their servicer to get enrolled in an income-driven repayment plan if they won’t be able to afford their payments. These plans set payments at a portion of their income and can be as low as zero if they’re unemployed.NerdWallet writer Ryan Lane contributed additional reporting to this story.More From NerdWallet10+ Student Loan Forgiveness Programs That Discharge LoansFederal Loans Are Paused Until 2021 — Should You Pay Anyway?Income-Driven Repayment: Is It Right for You?Anna Helhoski is a writer at NerdWallet. Email: anna@nerdwallet.com. Twitter: @AnnaHelhoski. 6765

President Donald Trump suggested Friday that the federal government could play a role in a possible recount of Florida's close Senate and gubernatorial races."If you look at Broward and Palm Beach (counties) to a lesser extent ... they have had a horrible history," Trump told reporters at the White House before departing for Paris."And if you look at the person, in this case a woman, involved -- she has had a horrible history," Trump said. It was unclear to whom Trump was referring, but Republican Gov. Rick Scott, the Republican candidate for Senate, has called the female election supervisors in Broward and Palm Beach counties "unethical liberals.""All of a sudden they are finding votes out of nowhere," Trump said of the Senate race.The President said Scott had "won by a comfortable margin," but accused Democrats of attempting to pad their margins."Every couple of hours, it goes down a little bit," Trump said of Scott's lead.Democratic Sen. Bill Nelson has pushed for a recount given that he trails Scott by such a slim margin. If the candidates in either contest are separated by 0.5% of the vote or less, the state will automatically recount ballots.Trump tweeted Thursday evening that reported irregularities in Broward and Palm Beach counties amounted to "another big corruption scandal having to do with election fraud."The President said officials involved in the "phony dossier" about his campaign's contacts with Russia are involved in the recount efforts. He was likely referring to Marc Elias, the lawyer Nelson's campaign has reportedly tapped to handle the recount effort, as Elias was also a lawyer for Hillary Clinton's campaign and was involved in commissioning that dossier of opposition research from Fusion GPS.The race for governor between GOP Rep. Ron DeSantis and Democratic Tallahassee Mayor Andrew Gillum is also close enough that a recount is possible.The-CNN-Wire 1910