POTUS has no authority to do this. Congress holds the purse strings and the 'statute' that they used as their justification will absolutely collapse in court. You can't argue in May for overturning Title 42 by saying 'COVID is no longer an issue' and then say you are forgiving $5 billion in debt because of COVID (despite what they say is a booming economy). Add into that the fact that the CDC relaxed all COVID restrictions before this announcement was made. Some even on that side of the aisle are saying it was done knowing it won't hold up in court but that they wanted to basically say 'well, we tried' to that fraction of their base. And, of course, there is this that is still on video ... “People think that the President of the United States has the power for debt forgiveness. He does not. He can postpone. He can delay. But he does not have that power. That has to be an act of Congress,” Pelosi said July 28 at a press conference.