White House Suggests Biden S 500 Billion Student Loan Will Be Paid With Deficits

White House officials say President Biden’s decision to cancel student debt between $10,000 and $20,000 for millions of Americans has been fully paid for by falling federal deficits, an argument that suggests the full cost of the policy will only pile up. the national debt. Fox News Digital reached out to the White House several times last week about how it plans to pay for the student loan handout or whether future tax increases will be needed. The White House now says the handout has been “paid for in full” through deficit reduction already happening. “It’s paid off and far more than the amount of deficit reduction we’re already on track for this year,” said Bharat Ramamurti, deputy director of the National Economic Council. BIDEN’S STUDENT LOAN PLAN: 10 POWERFUL REACTIONS FROM MOMS, DADS AND MORE President Biden pulls up his shirt collar while in the White House. (Getty Images) “We’re on track to reduce the deficit by $1.7 trillion this year. That means, practically, compared to last year, $1.7 trillion more is coming into the Treasury than is going out. And we’re using a portion of that — a very small part of it — to provide relief to middle-class families under the president’s plan.” Economists say the comments and the White House’s reluctance to outline offsets for the student debt handout, such as tax increases or budget cuts, signal that it plans to simply pile money into the $726 billion federal deficit. FORMER DEPARTMENT OF EDUCATION. BETSY DEVOS ON STUDENT LOANS: “100% ILLEGAL” “They’re just looking for any story they can tell that allows them to get away from the fact that the country’s finances are getting worse,” said Marc Goldwein, senior policy director at the nonpartisan Committee for a Responsible Federal Budget. “This is going to make the deficit worse. There’s no way we can dance around it.” Under Biden, the deficit has shrunk largely because Congress chose not to allocate trillions in temporary coronavirus spending as it did at the start of the pandemic in 2020. Economists say the White House argues that the shrinking deficit gives the administration more money for to spend on programs such as the student loan handout. But that means it won’t go ahead with debt relief, forcing future taxpayers to pick up the tab. Rep. Ilhan Omar, D-Minn., participates in a protest outside the White House calling for student debt cancellation, April 27, 2022. (Reuters/Evelyn Hockstein) “The analogy is that a family is billed for a $100,000 medical emergency and the next year they buy a $50,000 sports car and claim it’s ‘free’ because they’re no longer spending $100,000 a year on the medical emergency,” Brian Riddle said. . senior fellow in economics at the center-right Manhattan Institute. Biden last week announced plans for a pardon $10,000 in student debt for borrowers who receive less than $125,000 per year. Pell Grant recipients will receive $20,000 in debt payments, provided their income is below the $125,000 threshold. Administration officials claim that no individual or household in the top 5 percent of earners will benefit from the decision. The White House it also extends a pause in student loan payments until the end of the year. The announcement coincides with a new Department of Education proposal that would allow borrowers to limit their undergraduate loan repayments to 5 percent of their monthly income, raising the cost of the handout to taxpayers. Administration officials claim the cost of Biden’s student loan cannot be fully calculated, as it is unclear how many borrowers will choose to take advantage of the opportunity. They say it remains unclear how many people would have paid off their loans in full over time anyway. “All of this, like the cost, will also depend on how much of the canceled loans were actually expected to be repaid,” White House press secretary Karin Jean-Pierre said. Activists demonstrate outside the White House calling for student debt relief, April 27, 2022. (Reuters/Evelyn Hockstein) But others were able to make estimates. The National Taxpayers Union Foundation released an analysis earlier this week estimating that the student loan handout adds nearly $330 billion to the deficit over the next decade. A budget model from Wharton School of the University of Pennsylvania of Business claims the average cost per taxpayer will be $2,085. But that could be on the low end. Committee on Responsible Budgeting puts the cost of the leaflets between $440 billion and $600 billion. CLICK HERE TO GET THE FOX NEWS APP “If this ends up being added to the national debt, it will increase the cost of the interest required to default on that amount,” Riddle said. “All of that will eventually raise taxes because, at some point, you’re going to have to find a way to pay that debt.” Haris Alic covers Congress and politics for Fox News Digital. He can be reached at [email protected] or follow him on Twitter at @realharisalic.

title: “White House Suggests Biden S 500 Billion Student Loan Will Be Paid With Deficits Klmat” ShowToc: true date: “2022-12-13” author: “Jermaine Williams”

White House officials say President Biden’s decision to cancel student debt between $10,000 and $20,000 for millions of Americans has been fully paid for by falling federal deficits, an argument that suggests the full cost of the policy will only pile up. the national debt. Fox News Digital reached out to the White House several times last week about how it plans to pay for the student loan handout or whether future tax increases will be needed. The White House now says the handout has been “paid for in full” through deficit reduction already happening. “It’s paid off and far more than the amount of deficit reduction we’re already on track for this year,” said Bharat Ramamurti, deputy director of the National Economic Council. BIDEN’S STUDENT LOAN PLAN: 10 POWERFUL REACTIONS FROM MOMS, DADS AND MORE President Biden pulls up his shirt collar while in the White House. (Getty Images) “We’re on track to reduce the deficit by $1.7 trillion this year. That means, practically, compared to last year, $1.7 trillion more is coming into the Treasury than is going out. And we’re using a portion of that — a very small part of it — to provide relief to middle-class families under the president’s plan.” Economists say the comments and the White House’s reluctance to outline offsets for the student debt handout, such as tax increases or budget cuts, signal that it plans to simply pile money into the $726 billion federal deficit. FORMER DEPARTMENT OF EDUCATION. BETSY DEVOS ON STUDENT LOANS: “100% ILLEGAL” “They’re just looking for any story they can tell that allows them to get away from the fact that the country’s finances are getting worse,” said Marc Goldwein, senior policy director at the nonpartisan Committee for a Responsible Federal Budget. “This is going to make the deficit worse. There’s no way we can dance around it.” Under Biden, the deficit has shrunk largely because Congress chose not to allocate trillions in temporary coronavirus spending as it did at the start of the pandemic in 2020. Economists say the White House argues that the shrinking deficit gives the administration more money for to spend on programs such as the student loan handout. But that means it won’t go ahead with debt relief, forcing future taxpayers to pick up the tab. Rep. Ilhan Omar, D-Minn., participates in a protest outside the White House calling for student debt cancellation, April 27, 2022. (Reuters/Evelyn Hockstein) “The analogy is that a family is billed for a $100,000 medical emergency and the next year they buy a $50,000 sports car and claim it’s ‘free’ because they’re no longer spending $100,000 a year on the medical emergency,” Brian Riddle said. . senior fellow in economics at the center-right Manhattan Institute. Biden last week announced plans for a pardon $10,000 in student debt for borrowers who receive less than $125,000 per year. Pell Grant recipients will receive $20,000 in debt payments, provided their income is below the $125,000 threshold. Administration officials claim that no individual or household in the top 5 percent of earners will benefit from the decision. The White House it also extends a pause in student loan payments until the end of the year. The announcement coincides with a new Department of Education proposal that would allow borrowers to limit their undergraduate loan repayments to 5 percent of their monthly income, raising the cost of the handout to taxpayers. Administration officials claim the cost of Biden’s student loan cannot be fully calculated, as it is unclear how many borrowers will choose to take advantage of the opportunity. They say it remains unclear how many people would have paid off their loans in full over time anyway. “All of this, like the cost, will also depend on how much of the canceled loans were actually expected to be repaid,” White House press secretary Karin Jean-Pierre said. Activists demonstrate outside the White House calling for student debt relief, April 27, 2022. (Reuters/Evelyn Hockstein) But others were able to make estimates. The National Taxpayers Union Foundation released an analysis earlier this week estimating that the student loan handout adds nearly $330 billion to the deficit over the next decade. A budget model from Wharton School of the University of Pennsylvania of Business claims the average cost per taxpayer will be $2,085. But that could be on the low end. Committee on Responsible Budgeting puts the cost of the leaflets between $440 billion and $600 billion. CLICK HERE TO GET THE FOX NEWS APP “If this ends up being added to the national debt, it will increase the cost of the interest required to default on that amount,” Riddle said. “All of that will eventually raise taxes because, at some point, you’re going to have to find a way to pay that debt.” Haris Alic covers Congress and politics for Fox News Digital. He can be reached at [email protected] or follow him on Twitter at @realharisalic.

title: “White House Suggests Biden S 500 Billion Student Loan Will Be Paid With Deficits Klmat” ShowToc: true date: “2022-11-26” author: “Sam Collins”

White House officials say President Biden’s decision to cancel student debt between $10,000 and $20,000 for millions of Americans has been fully paid for by falling federal deficits, an argument that suggests the full cost of the policy will only pile up. the national debt. Fox News Digital reached out to the White House several times last week about how it plans to pay for the student loan handout or whether future tax increases will be needed. The White House now says the handout has been “paid for in full” through deficit reduction already happening. “It’s paid off and far more than the amount of deficit reduction we’re already on track for this year,” said Bharat Ramamurti, deputy director of the National Economic Council. BIDEN’S STUDENT LOAN PLAN: 10 POWERFUL REACTIONS FROM MOMS, DADS AND MORE President Biden pulls up his shirt collar while in the White House. (Getty Images) “We’re on track to reduce the deficit by $1.7 trillion this year. That means, practically, compared to last year, $1.7 trillion more is coming into the Treasury than is going out. And we’re using a portion of that — a very small part of it — to provide relief to middle-class families under the president’s plan.” Economists say the comments and the White House’s reluctance to outline offsets for the student debt handout, such as tax increases or budget cuts, signal that it plans to simply pile money into the $726 billion federal deficit. FORMER DEPARTMENT OF EDUCATION. BETSY DEVOS ON STUDENT LOANS: “100% ILLEGAL” “They’re just looking for any story they can tell that allows them to get away from the fact that the country’s finances are getting worse,” said Marc Goldwein, senior policy director at the nonpartisan Committee for a Responsible Federal Budget. “This is going to make the deficit worse. There’s no way we can dance around it.” Under Biden, the deficit has shrunk largely because Congress chose not to allocate trillions in temporary coronavirus spending as it did at the start of the pandemic in 2020. Economists say the White House argues that the shrinking deficit gives the administration more money for to spend on programs such as the student loan handout. But that means it won’t go ahead with debt relief, forcing future taxpayers to pick up the tab. Rep. Ilhan Omar, D-Minn., participates in a protest outside the White House calling for student debt cancellation, April 27, 2022. (Reuters/Evelyn Hockstein) “The analogy is that a family is billed for a $100,000 medical emergency and the next year they buy a $50,000 sports car and claim it’s ‘free’ because they’re no longer spending $100,000 a year on the medical emergency,” Brian Riddle said. . senior fellow in economics at the center-right Manhattan Institute. Biden last week announced plans for a pardon $10,000 in student debt for borrowers who receive less than $125,000 per year. Pell Grant recipients will receive $20,000 in debt payments, provided their income is below the $125,000 threshold. Administration officials claim that no individual or household in the top 5 percent of earners will benefit from the decision. The White House it also extends a pause in student loan payments until the end of the year. The announcement coincides with a new Department of Education proposal that would allow borrowers to limit their undergraduate loan repayments to 5 percent of their monthly income, raising the cost of the handout to taxpayers. Administration officials claim the cost of Biden’s student loan cannot be fully calculated, as it is unclear how many borrowers will choose to take advantage of the opportunity. They say it remains unclear how many people would have paid off their loans in full over time anyway. “All of this, like the cost, will also depend on how much of the canceled loans were actually expected to be repaid,” White House press secretary Karin Jean-Pierre said. Activists demonstrate outside the White House calling for student debt relief, April 27, 2022. (Reuters/Evelyn Hockstein) But others were able to make estimates. The National Taxpayers Union Foundation released an analysis earlier this week estimating that the student loan handout adds nearly $330 billion to the deficit over the next decade. A budget model from Wharton School of the University of Pennsylvania of Business claims the average cost per taxpayer will be $2,085. But that could be on the low end. Committee on Responsible Budgeting puts the cost of the leaflets between $440 billion and $600 billion. CLICK HERE TO GET THE FOX NEWS APP “If this ends up being added to the national debt, it will increase the cost of the interest required to default on that amount,” Riddle said. “All of that will eventually raise taxes because, at some point, you’re going to have to find a way to pay that debt.” Haris Alic covers Congress and politics for Fox News Digital. He can be reached at [email protected] or follow him on Twitter at @realharisalic.

title: “White House Suggests Biden S 500 Billion Student Loan Will Be Paid With Deficits Klmat” ShowToc: true date: “2022-11-04” author: “Fredric Mccurdy”

White House officials say President Biden’s decision to cancel student debt between $10,000 and $20,000 for millions of Americans has been fully paid for by falling federal deficits, an argument that suggests the full cost of the policy will only pile up. the national debt. Fox News Digital reached out to the White House several times last week about how it plans to pay for the student loan handout or whether future tax increases will be needed. The White House now says the handout has been “paid for in full” through deficit reduction already happening. “It’s paid off and far more than the amount of deficit reduction we’re already on track for this year,” said Bharat Ramamurti, deputy director of the National Economic Council. BIDEN’S STUDENT LOAN PLAN: 10 POWERFUL REACTIONS FROM MOMS, DADS AND MORE President Biden pulls up his shirt collar while in the White House. (Getty Images) “We’re on track to reduce the deficit by $1.7 trillion this year. That means, practically, compared to last year, $1.7 trillion more is coming into the Treasury than is going out. And we’re using a portion of that — a very small part of it — to provide relief to middle-class families under the president’s plan.” Economists say the comments and the White House’s reluctance to outline offsets for the student debt handout, such as tax increases or budget cuts, signal that it plans to simply pile money into the $726 billion federal deficit. FORMER DEPARTMENT OF EDUCATION. BETSY DEVOS ON STUDENT LOANS: “100% ILLEGAL” “They’re just looking for any story they can tell that allows them to get away from the fact that the country’s finances are getting worse,” said Marc Goldwein, senior policy director at the nonpartisan Committee for a Responsible Federal Budget. “This is going to make the deficit worse. There’s no way we can dance around it.” Under Biden, the deficit has shrunk largely because Congress chose not to allocate trillions in temporary coronavirus spending as it did at the start of the pandemic in 2020. Economists say the White House argues that the shrinking deficit gives the administration more money for to spend on programs such as the student loan handout. But that means it won’t go ahead with debt relief, forcing future taxpayers to pick up the tab. Rep. Ilhan Omar, D-Minn., participates in a protest outside the White House calling for student debt cancellation, April 27, 2022. (Reuters/Evelyn Hockstein) “The analogy is that a family is billed for a $100,000 medical emergency and the next year they buy a $50,000 sports car and claim it’s ‘free’ because they’re no longer spending $100,000 a year on the medical emergency,” Brian Riddle said. . senior fellow in economics at the center-right Manhattan Institute. Biden last week announced plans for a pardon $10,000 in student debt for borrowers who receive less than $125,000 per year. Pell Grant recipients will receive $20,000 in debt payments, provided their income is below the $125,000 threshold. Administration officials claim that no individual or household in the top 5 percent of earners will benefit from the decision. The White House it also extends a pause in student loan payments until the end of the year. The announcement coincides with a new Department of Education proposal that would allow borrowers to limit their undergraduate loan repayments to 5 percent of their monthly income, raising the cost of the handout to taxpayers. Administration officials claim the cost of Biden’s student loan cannot be fully calculated, as it is unclear how many borrowers will choose to take advantage of the opportunity. They say it remains unclear how many people would have paid off their loans in full over time anyway. “All of this, like the cost, will also depend on how much of the canceled loans were actually expected to be repaid,” White House press secretary Karin Jean-Pierre said. Activists demonstrate outside the White House calling for student debt relief, April 27, 2022. (Reuters/Evelyn Hockstein) But others were able to make estimates. The National Taxpayers Union Foundation released an analysis earlier this week estimating that the student loan handout adds nearly $330 billion to the deficit over the next decade. A budget model from Wharton School of the University of Pennsylvania of Business claims the average cost per taxpayer will be $2,085. But that could be on the low end. Committee on Responsible Budgeting puts the cost of the leaflets between $440 billion and $600 billion. CLICK HERE TO GET THE FOX NEWS APP “If this ends up being added to the national debt, it will increase the cost of the interest required to default on that amount,” Riddle said. “All of that will eventually raise taxes because, at some point, you’re going to have to find a way to pay that debt.” Haris Alic covers Congress and politics for Fox News Digital. He can be reached at [email protected] or follow him on Twitter at @realharisalic.