President Biden's student loan relief plan is estimated to cost at least $500 billion.
The Washington Examiners' Kaylee McGhee White discusses political fallout Democrats are facing ahead of the November midterm elections.
President Biden announced his administration would cancel $10,000 to $20,000 in student loan debt for people making less than $125,000 each year individually or $250,000 as a family. The Congressional Budget Office estimated Biden’s plan would cost the government $400 billion, but Brnovich and others have said the costs could soar even higher.
Republicans have stressed that Biden’s move doesn’t cancel the debt but rather moves that debt onto the government’s books and puts taxpayers on the hook for that amount. The GOP more broadly has argued that high rates of federal spending and taking on new debt are actions that have contributed to high levels of inflation that have plagued consumers over the last year.
Brnovich’s filing at the U.S. District Court in the District of Arizona notes that Biden used the COVID pandemic to legally justify his decision to have the government take on student loan debt. But it also noted that Biden this month said in an interview that"the pandemic is over.
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