Zerogouki, the idea is that the loop is moving so fast that the centrifugal force on it, as it goes in an arc around the centre of the earth, balances the force of gravity on it. This is the same way that a satellite in orbit stays up - the centrifugal force on it exactly balances gravity. With the loop, the centrifugal force on the 'rotor' inside the loop also has to hold up the weight of the sheath that surrounds it (and holds it in a friction-free vacuum), so the rotor has to go faster than orbital speed. Magnetic fields keep the rotor and the sheath apart (that's the 'maglev') part.
The wikipedia article says the 'rotor' would move at 14km/s. The centrifugal acceleration on it would be v*v/r, or 14000*14000/6458100 = 30 m/s/s. That compares to the gravitational acceleration of about 10 m/s/s, so it could hold up a sheath that weighed about twice as much as the rotor.
I think the whole thing sounds like an engineering nightmare. The "$6 billion" price tag is laughably small. For instance, the budget for the 2012 Olympic games is $13.6 billion. Even before you start turning the rotor, you have to lay out a continuous belt of steel, encased in an airtight sheath with magnets in, over a 2000 km stretch of equatorial ocean (presumably the Pacific), and keep it in one piece without, say, ships or whales running into it. Or storms breaking it up. And it won't 'levitate' until it's fully up to speed (it'll just become lighter as it speeds up), so you've got this thing with the energy of an atomic explosion sitting on the ocean surface until it has reached its working speed.
Since building a border fence costs $4 million per mile, it'd cost $10 billion just to lay out a simple fence that's 4000km (2500 miles) long. Compare that with making an airtight tube with a continuous object inside, travelling at over 40 times the speed of sound, held by magnetic fields so that it never touches the walls, and I think you'll see the price tag will be a little more.