Federal court strikes down Biden's student loan program

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Friday 11.11.22

Today is Veterans Day, a federal holiday in the US honoring men and women who have served in the armed forces. Regional observances and events are set to take place across the country to pay tribute to millions of American heroes. Entry to all US National Parks is also free today -- including the most popular ones which often draw record crowds. Here's what else you need to know to Get Up to Speed and On With Your Day.

By Alexandra Meeks

An election worker inserts a stack of ballots into a scanning machine at the Maricopa County Tabulation and Election Center on Thursday in Phoenix.

Midterms

Votes are still being counted in critical House and Senate races that will decide who controls Congress next year. In the race for the Senate, election officials say it may take hours -- or days -- to count the more than 500,000 votes remaining in Arizona and about 95,000 others in Nevada. Republicans need to pick off two Democratic seats to win the Senate majority. Meanwhile, there are many key races that have yet to be called that will determine the future of the House in January. Republicans appear to be slowly inching toward the 218 seats that would deliver them a narrow victory, but incoming results from California and Colorado could ultimately determine which party controls the chamber.

Student loans

A federal judge has struck down President Joe Biden's student loan forgiveness program, declaring it illegal. Biden's program was already on hold due to a separate legal challenge, but a new lawsuit filed by a conservative group will delay student loan relief even further. On Thursday, a Texas federal judge -- who was nominated by then-President Donald Trump -- found that the executive branch does not have clear congressional authorization to create the student loan forgiveness program. The Biden administration is appealing the decision. As for the 26 million borrowers who already provided their necessary details to be considered for debt forgiveness, the Department of Education "will hold onto their information so it can quickly process their relief once we prevail in court," White House press secretary Karine Jean-Pierre said in a statement.

Storm damage

At least four people have been killed after Nicole hit Florida's eastern coast as a Category 1 hurricane this week. Photos of the damage show buildings and homes that have been ripped apart in the wake of dangerous storm surge and powerful winds. Streets remain flooded and thousands of customers are still without power this morning. Nicole weakened into a tropical depression Thursday, according to the National Hurricane Center. However, the subsiding storm has headed north, moving into southwestern Georgia today. It's expected to cross the western Carolinas later this evening. View CNN's storm tracker here to see Nicole's path.

Grocery prices

Americans grappling with high inflation are finally getting some relief at the grocery store. Prices overall have surged 12.4% through October versus a year ago, but analysts at the market research firm NielsenIQ say there are some deals to be had. In fresh produce, the average price for prepared mixed vegetables dropped 68% versus the same period last year. A lot of fresh seafood options are cheaper as well: striped bass fell 41.8% over the prior year while the cost of lobster is also down 7.2%. Some packaged baked goods such as assorted bagels fell 48%. Bakery sweet goods and cranberry sauce are also seeing declining prices just in time for the holidays. And in beverages, kombucha drinks have dropped 22.7%. Most consumers are also not buying in bulk, analysts say, as more shoppers are opting for smaller sizes to control their spending.

Climate

President Biden is heading to a UN summit today where he is expected to tout his climate record. In a speech to the COP27 summit in Egypt, Biden will proclaim the US is back as a global leader on climate change following passage of the Inflation Reduction Act, which included around $370 billion in clean energy incentives meant to slash the use of harmful greenhouse gases. However, many nations attending this week's conference are focused on another matter: demanding climate reparations be paid by wealthy and high-emitting countries like the US to smaller, poorer nations that have felt the outsized effects of climate change. Biden has struggled to gain backing in Congress for global climate resilience funding, which would help low-income nations. And if Republicans gain control of one or both chambers, the prospects of any new climate legislation over the next two years appears dim.

Russian troops leave Ukraine's Kherson region

Russian forces have completed their withdrawal from Ukraine's Kherson region west of the Dnipro River, including the city of Kherson, Russia's Defense Ministry said today. It comes after Moscow ordered a partial retreat from the region this week, marking one of the biggest military setbacks for Russian President Vladimir Putin since the war began. Ukrainian troops entered the city today and residents were seen waving flags in the central square.

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Chris Rock to make history with Netflix's first-ever live performance

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A single winning ticket for the record $2.04 billion Powerball lottery jackpot was sold this week in which state?

A. Colorado
B. California
C. Connecticut

D. North Carolina

Take CNN's weekly news quiz here to see if you're correct!

1,203 points

That's how much the Dow rose on Thursday, making it the best day for US stocks since 2020. The boost came after new government data showed that price increases eased in October. The S&P 500 and Nasdaq also posted their biggest percentage jumps since spring 2020 -- up 5.5% and 7.3% respectively. Wall Street is now hoping that the data will help convince the Federal Reserve to pull back on the size and pace of its next interest rate increases.

He's someone I've known for a decade, and I've never heard an antisemitic word from him or, frankly, hate directed at any group.

-- NBA commissioner Adam Silver, saying on Thursday that he doesn't believe Kyrie Irving is antisemitic. Silver, who is Jewish, told the New York Times that the two had "a direct and candid conversation" at the league's headquarters this week. Silver's remarks come after the Brooklyn Nets suspended Irving last week for a minimum of five games after he doubled down on his decision to share a link to an antisemitic documentary with his millions of followers on social media. Silver told the Times he has watched the film and concluded that it "was indeed hate speech." The NBA and the Nets will consult to decide when Irving can return from his suspension, Silver added.

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one more thing...

Correction: In Thursday's edition of 5 Things, the first sentence of the Midterms item contained a typo. It should have read: "Control of Congress remains undetermined as results continue to trickle in from Senate races in Arizona and Nevada."

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