Jim Salter/Associated Press

President Joe Biden's plan to forgive student loan debt for millions of borrowers lost another battle in court on Monday when a federal appeals court panel agreed to a preliminary injunction halting the program while an appeal plays out. The ruling by the three-judge panel from the 8th U.S. Circuit Court of Appeals in St. Louis came days after a federal judge in Texas blocked the program, saying it usurped Congress' power to make laws. The Texas case was appealed and the administration is likely to appeal the 8th Circuit ruling as well.