President Joe Biden is delivering remarks about his move to relieve $9 billion in student loan debt for 125,000 borrowers.

Biden is expected to begin speaking at 1 p.m. EDT from the White House.

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The White House unveiled the plan earlier on Wednesday, saying it is a "key step" in his efforts "to fix the broken student loan system, make college more affordable, and bring the promise of higher education in reach for more Americans."

The remarks are Biden's first since Rep. Kevin McCarthy (R-CA) was ousted as House speaker in a 216-210 vote, which saw eight Republicans join all House Democrats in the motion to vacate the speakership.