President Joe Biden had taken a brief interlude from his vacation to sign the so-called Inflation Reduction Act (IRA) into law and now, with his return to the White House, the president is poised to undo any reported economic benefit of that legislation with the announcement of a massive handout.

After a number of extensions, the student loan payment pause that went into effect during the COVID pandemic is once again set to expire on Aug. 31 and reports have indicated that not only is Biden looking to continue the pause, he is also set to make good on a wealth redistribution promise from his campaign.

CNN’s Poppy Harlow spoke with Marc Goldwein, an economics professor at Johns Hopkins University and a senior vice president for the nonpartisan Committee for a Responsible Federal Budget (CRFB), to discuss the anticipated address from Biden believed to be planned for Wednesday where he would forgive up to $10,000 in student loan debt for borrowers with income less than $125,000.

As the Associated Press reported, “If it survives legal challenges that are almost certain to come, Biden’s plan could offer a windfall to a swath of the nation in the run-up to this fall’s midterm elections. More than 43 million owe a combined $1.6 trillion in federal student debt, with almost a third owing less than $10,000 according to federal data.”