The Congressional Budget Office says Joe Biden's student debt transfer would cost $400,000,000,000.00.
will cost the federal government about $400 billion over the next 30 years, according to new estimates from the Congressional Budget Office.
On Monday, 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. “It’s a stark contrast to the Trump tax bill, which ballooned the deficit by nearly $2 trillion and provided the vast majority of benefits to big corporations and the wealthiest individuals,” White House spokesman Abdullah Hasan said.Senate Majority Leader Chuck Schumer, D-N.Y., and Sen. Elizabeth Warren, D-Mass., who supported debt cancellation, said they don’t agree with some of the assumptions underpinning the CBO estimates.
The Congressional Budget Office estimates that, out of 37 million Americans who have federal student loans, about 95% meet the income limit for $10,000 in relief. About 65% also received a Pell Grant, making them eligible for a $20,000 cancellation.
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