White House officials have suggested that President Joe Biden’s student loan debt cancellation program will be fully funded by a reduction in the federal deficit, potentially further exacerbating the government’s spending revenue.
Biden announced last month that he would cancel as much as $20,000 in federal student debt for Pell Grant recipients and $10,000 for other borrowers making less than $125,000 annually.
The move has sparked concern among Republican lawmakers and other experts, who fear it could raise national debt at a time when inflation has soared across the country.
Speaking about the debt cancellation program at a press briefing on Aug. 26, Bharat Ramamurti, deputy director of the National Economic Council, said: “It is paid for and far more by the amount of deficit reduction that we’re already on track for this year.”…https://www.theepochtimes.com/c-us-politics

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