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Biden administration to cancel nearly  billion in economic loans to Ukraine
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Biden administration to cancel nearly $5 billion in economic loans to Ukraine

The Biden administration confirmed to Congress that it would cancel nearly $5 billion in economic loans to Ukraine.

State Department spokesperson Matthew Miller confirmed the forgiven loans during a press briefing Wednesday.

“So we took the steps required by law to cancel these loans and provide this economic assistance to Ukraine,” he said. according to Fox News.

Miller explained that when Congress passed a bill to help Ukraine in April of this year, $9 billion in aid was structured as a loan and the administration was authorized to cancel it.

Congress could pass a resolution that could overturn the cancellation.

Rep. Thomas Massie, R-Ky., introduced a bill earlier this week to overturn the nullification, but it is unlikely to pass in the Senate, which has a Democratic majority.