Biden's student debt forgiveness is a potential midterm boon for Democrats — and a major gamble

 President Joe Biden forgives $10,000 in studnet loan debt for millions of Americans.

He annouces that the cancellation of  $10,000 in student loan debt for borrwoers who earn less than $125,000 per year .

KEY POINTS

• Democrats hope Biden's action will energize young voters during an non-presidential election.
• Republicans set out to frame Biden's plan as an unfair "handout for the rich."
• If inflation worsens, Biden's debt forgiveness could provide new ammunition for Republicans.

WASHINGTON — Less than three months before November's midterm elections, President Joe Biden jolted the race to control Congress with historic action Wednesday to cancel student loan debt for millions of Americans.

Yet his move is a major gamble, presenting both an opportunity to energize young voters and handing Republicans new lines of attack on fairness and wealth.

Biden's long-awaited announcement could have ripple effects in battleground Senate and House race across the country.