Biden's New Student Debt Relief Will Add Up To $750 Billion To The Budget Deficit
Apr 17, 2024 06:19:07 #
By The Committee for A Responsible Federal Budget
The Biden Administration recently announced a new plan to cancel student debt for up to 30 million borrowers and released a preliminary rule this morning detailing parts of this plan. The proposal, which is being introduced through the rule making process, would replace the Administration’s initial proposal to cancel between $10,000 and $20,000 per person of debt, which was struck down by the Supreme Court.
Elements of the plan in today’s proposed rule would cost nearly $150 billion, according to the Department of Education. However, this excludes a proposal to allow the Secretary of Education to cancel debt for those facing hardship or likely to default. Including this provision, we estimate the plan could cost $250 billion to $750 billion, depending on how the additional cancellation is designed.
MY COMMENT: Buying votes in an election year despite a $34 Trillion National Debt. Let the next generation worry about it. Biden will be out of office by then, so, who care???
https://www.crfb.org/blogs/student-debt-plan-would-add-hundreds-billions-deficit
The Biden Administration recently announced a new plan to cancel student debt for up to 30 million borrowers and released a preliminary rule this morning detailing parts of this plan. The proposal, which is being introduced through the rule making process, would replace the Administration’s initial proposal to cancel between $10,000 and $20,000 per person of debt, which was struck down by the Supreme Court.
Elements of the plan in today’s proposed rule would cost nearly $150 billion, according to the Department of Education. However, this excludes a proposal to allow the Secretary of Education to cancel debt for those facing hardship or likely to default. Including this provision, we estimate the plan could cost $250 billion to $750 billion, depending on how the additional cancellation is designed.
MY COMMENT: Buying votes in an election year despite a $34 Trillion National Debt. Let the next generation worry about it. Biden will be out of office by then, so, who care???
https://www.crfb.org/blogs/student-debt-plan-would-add-hundreds-billions-deficit
Apr 18, 2024 18:54:57 #
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