Coverage dated September 25, 2022 to September 26, 2022
CBO says Biden's student loan cancellation plan could cost $400 billion
Headline from KVOA Tucson
President Joe Biden's plan to cancel up to $20,000 in federal student loan debt for low- and middle-income borrowers could cost $400 billion, according to a Congressional Budget Office report
KVOA Tucson's own description from its feed. We collect headlines and these descriptions, not full articles; read the original reporting below.
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. The estimate was issued Monday in
President Joe Biden's plan to cancel up to $20,000 in federal student loan debt for low- and middle-income borrowers could cost $400 billion, according to a Congressional Budget Office report
The White House noted that the CBO's estimated cost in the first year — $21 billion — is actually lower than the administration's early estimate of $24 billion.
The CBO estimates 95% of federal borrowers are eligible for some debt cancellation, and 45% of those who qualify will see their entire student loan balance wiped away.
Joe Biden's executive action cancelling student loan debt will add $400 billion to the federal debt, Congressional Budget Office director Phillip Swagel wrote.
WASHINGTON (Reuters) - U.S. President Joe Biden's executive actions canceling some student loan debt will cost about $400 billion, the Congressional Budget Office said on Monday.
The Biden administration's plan to forgive a significant portion of federal student loans will cost roughly $400 billion, according to new estimates from the Congressional Budget Office.
The Congressional Budget Office said in a Monday letter that President Biden's student loan handout will cost American taxpayers more than $400 billion.
The 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.
President Joe Biden's plan to alleviate the burden of student debt shouldered by millions of borrowers could cost the United States some $400 billion over the next 30 years, according to estimates from the Congressional Budget Office.
The estimate by the Congressional Budget Office will fuel new debate over President Biden’s student debt decision, which was cheered by advocates but assailed by Republican lawmakers as a waste of government money.
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