U.S._ CBO: Biden’s student debt write-off costs taxpayers $400B, about 60% more than White House estimate

THE WASHINGTON TIMES

CBO: Biden’s student debt write-off costs taxpayers $400B, about 60% more than White House estimate

President Joe Biden speaks about student loan debt forgiveness in the Roosevelt Room of the White House, Aug. 24, 2022, in Washington. The Congressional Budget Office estimates that President Joe Biden’s plan for student debt cancellation will cost about $400 ... more >


By Joseph Clark - The Washington Times - Updated: 5:11 p.m. on Monday, September 26, 2022


President Biden’s student debt forgiveness plan will cost taxpayers $400 billion, according to a Congressional Budget Office estimate released Monday.

The CBO also estimates that the pause on federal student loan payments through December, which Mr. Biden announced last month along with the debt write-off, will cost an additional $20 billion.

The $420 total figure, which is in line with outside estimates, is one more data point worrying budget hawks that Mr. Biden’s debt cancellation plan will further inflame inflation and wipe out his administration’s progress on reducing the deficit.

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READ MORE: https://www.washingtontimes.com/news/2022/sep/26/cbo-bidens-student-debt-write-costs-taxpayers-400b/

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