A few months ago, Biden announced that he was ready to spend $300 billion for his student loan handout. The demo-rat still wants to push through the project… despite the inflation happening in our country.
Patriot leaders were disappointed with the administration’s decision. Meanwhile, the liberal media supports this irrelevant proposal from Biden.
As of now, the student loan handout already costs $400 billion. However, it’s expected to increase further…
Biden’s Student Loan Handout Might Cost Up to $1 Trillion
According to Budget Analysts, Biden’s plan to remove student debt and change payments for millions of Americans could cost up to $1 trillion.
The Biden administration hasn’t proposed to raise taxes yet to offset program costs. However, they insist that the debt-forgiveness portion is paid for… through the reduction in the federal deficit that has occurred this fiscal year.
Douglas Elmendorf served as director of the nonpartisan Congressional Budget Office… and he disagrees with the dems. He said, “This action by the president will make the deficit bigger than it would be otherwise.”
As expected, many oppose the student loan handout…
The Pacific Legal Foundation (PLF) is a national nonprofit legal group that defends Americans from government overreach. They became the first organization to challenge Biden’s student loan handout formally.
They said, “It’s flagrantly illegal for the executive branch to create a … program by press release. And without statutory authority or even the basic notice and comment procedure for new regulations.”
GOP States Sue Biden for Student Loan Handout Plan
Moreover, six Republican-led states are suing the administration for its proposal. These are the states:
- Iowa
- Kansas
- Missouri
- Nebraska
- South Carolina
- Arkansas
They accuse the dems of overstepping their executive powers without authorization from Congress.
Arkansas Attorney General Leslie Rutledge who is leading the lawsuit… shared her thoughts about the matter. She said, “It’s unfair to saddle hard-working Americans with the loan debt of those who chose to go to college.”
She added, “The Department of Education is required, under the law, to collect the balance due on loans. And President Biden does not have the authority to override that.”
Other states that joined the lawsuit believe that dems will disrupt revenue. Meanwhile, the administration believes that the forgiveness program sits on solid legal ground.
White House spokesman Abdullah Hasan said, “Republican officials from these six states are standing with special interests. They are fighting to stop relief for borrowers buried under mountains of debt. The president and his administration are lawfully giving working and middle-class families breathing room… as they recover from the pandemic and prepare to resume loan payments in January.”
Biden also slammed Republicans for criticizing him over his proposal. The demo-rat claimed that the proposal would reduce the federal deficit by $300 billion over the next ten years. He said, “I’m so sick of Republicans saying we’re the big spenders. Give me a break.”
He added, “I know I’m getting banged up by the Republicans, but bring it on. We could afford to cancel $10,000 in student debt and 20,000 bucks… if you had a Pell Grant for Americans making under $125 grand.”
Until now, Biden and the dems are still delusional… that they can lessen the inflation with more spending. They have done enough to show that the administration is not competent enough to save the economy.
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