Jon Lieber, head of Eurasia Group's coverage of political and policy developments in Washington, DC, shares his analysis on US politics.

Today's question, $10,000 in student loan forgiveness: what's the point?

President Biden is going to announce up to $10,000 in student loan forgiveness for people making up to $125,000 a year. This is far short of the full student loan forgiveness that progressive activists have been calling for and even short of the $50,000 that Democratic leaders had embraced and Biden was considering earlier in the year. Still, the forgiveness is estimated to provide at least some relief for the vast majority of the 40 million Americans with student loans and will entirely wipe out the obligations of up to 15 million Americans.