Up next for Biden: Forgiving medical debts. Maybe I should ask the president to forgive the $1500 bucks I borrowed from my brother.
The Congressional Budget Office (CBO) released its estimate of the cost of Joe Biden’s student loan forgiveness program and found that it would cost taxpayers at least $400 billion.
CBO Director Phillip Swagel said, “Reduced cash inflows to the Treasury will increase the amounts that the federal government borrows over time,” which means the $400 billion number is a guess. If interest rates keep rising because of rising budget deficits, it will become more expensive to borrow that $400 billion.
The Committee for a Responsible Federal Budget, an organization that has long advocated for fiscal sanity, said the CBO’s predictions confirm “the outrageous cost” of Biden’s student loan plan.
