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Biden Student Debt Cancellation Will Add Hundreds of Billions to Budget Deficit

Last week, Florida Attorney General Ashley Moody announced her office had filed a suit against the Biden administration’s latest student debt loan forgiveness plan.

Last year, the U.S. Supreme Court knocked down President Joe Biden‘s initial plan that would have forgiven billions of dollars of those paying off their student debt. The justices said this type of action must include Congress.

But the Biden White House is again trying to avoid the legislative route. This time they are using existing dollars from the Federal Department of Education (DOE) through a program known as the “Save” plan. That’s where the Florida AG’s office comes into play.

Moody and other state AG’s the argue that the White House is overstepping its authority and misinterpreting the Higher Education Act of 1965.

The Biden DOE estimates the cost to taxpayers at only $147 billion over the next 10 years.  But the Committee for a Responsible Federal Budget says those costs will be much higher in a range of $100-$600 billion. The Wall Street Journal’s Allysia Finley says if you look at what the Biden administration started out when they came into office and what they afre proposing now, will cost taxpayers over $850 billion.

See also  Florida Attorney General Sues Live Nation / Ticketmaster for Monopolizing Ticket Industry

“This is nothing more than Biden’s illegal attempt to force Americans to pay off someone else’s debt. We will fight in court to make sure that hard-working Americans, who are struggling to buy groceries thanks to Biden, are not on the hook for other people’s debt,” said AG Moody.

The White House hasn’t laid out a clear plan on its latest student debt cancellation proposal. Will it forgive those with financial “hardships and what will fall under that category?

Estimates show the current proposal would eliminate student debt for around 30 million borrowers, but the exact number still remains a mystery.

“The Biden plan is to get all of this done so he can win reelection and hoping the Supreme Court won’t hear this case till after November,” said Wall Street Journal Kim Strassel.

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