The Congressional Budget Office estimates that President Joe Biden’s plan for student debt cancellation will cost about $400 billion over the next 30 years....
. On Monday, the White House defended the plan, saying it will provide relief to struggling borrowers, allowing them to start businesses, buy homes or just pay their bills.“It’s a stark contrast to the Trump tax bill, which ballooned the deficit by nearly $2 trillion and provided the vast majority of benefits to big corporations and the wealthiest individuals,” White House spokesman Abdullah Hasan said.Senate Majority Leader Chuck Schumer, D-N.Y., and Sen. Elizabeth Warren, D-Mass.
“Rather than working with Congress to bring down college costs, President Biden has opted to bury the American people under our unsustainable debt,” said Rep. Virginia Foxx, the top Republican on the House education committee. Biden’s plan promises to cancel $10,000 in federal student debt for borrowers with incomes of less than $125,000 per year or households making less than $250,000. Those who received federal Pell Grants to attend college would get an additional $10,000 erased.
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CBO: Biden's student debt plan would cost $400 billionPresident Joe Biden’s plan for student debt cancellation will cost the federal government about $400 billion over the next 30 years, according to new estimates from the Congressional Budget Office.
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CBO: Biden’s student debt plan would cost $400 billionPresident Joe Biden’s plan for student debt cancellation will cost the federal government about $400 billion over the next 30 years, according to new estimates from the Congressional Budget Office.
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Biden's student loan forgiveness will cost $400B, new estimate says, as White House pushes backPres. Biden's federal student loan forgiveness plan will cost $400 billion over 10 years, according to a revised estimate this week from the Congressional Budget Office.
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Biden student loan handout to cost more than $400 billion: CBOThe Congressional Budget Office said in a Monday letter that President Biden's student loan handout will cost American taxpayers more than $400 billion.
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Biden's Student Loan Relief Could Cost $400 Billion, Congressional Budget Office SaysThe White House says more than 40 million Americans may be affected by the student loan changes, and half of those could see their entire balance eliminated.
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Biden's student loan forgiveness expected to cost around $400 billion, budget office estimatesThe nonpartisan Congressional Budget Office released a report with the estimate and said it could go higher after a payment pause extension last year.
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