Biden Administration Seeks to Cancel $4.6 Billion of Ukraine’s Debt
- Rand Paul vows push for Senate vote to frustrate Biden plan
- Biden finding ways to help Ukraine before Trump takes office
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The Biden administration told Congress it plans to cancel $4.65 billion in debt owed by Ukraine, according to a letter obtained by Bloomberg News, the latest in a series of moves meant to bolster support for Kyiv before President-elect Donald Trump takes office.
The White House will cancel half of a $9 billion loan delivered to Ukraine as part of a $60 billion supplemental package approved in April. The loan idea was first floated by Trump during the campaign and was a key tweak to the legislation made by House Republican leaders, though the administration had always signaled a part of it would be forgiven.