Biden Proposes Debt Forgiveness for Ukraine

President Joe Biden has proposed to Congress the forgiveness of approximately $4.65 billion of Ukraine's debt from economic assistance loans, as outlined by State Department spokesperson Matthew Miller. This move follows the Additional Ukraine Supplemental Appropriations Act passed in April 2024, which allocated around $61 billion in total aid, including $10 billion as conditional loans. The proposal allows Biden to cancel half of the loan, with the possibility for the next president to forgive the remaining amount by 2026. Despite the potential for Congressional disapproval, Miller expressed confidence in bipartisan support for aid to Ukraine. The administration is working to expedite support to Ukraine ahead of the upcoming presidential transition, with concerns that incoming President Donald Trump may reduce aid. A Senate vote on a motion to block the loan forgiveness has been scheduled, but bipartisan backing for assistance remains strong.