{"id":1624160,"date":"2022-08-27T12:49:12","date_gmt":"2022-08-27T16:49:12","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1624160"},"modified":"2022-08-27T12:49:15","modified_gmt":"2022-08-27T16:49:15","slug":"student-loan-debt-wipeout-to-cost-24-billion-per-year-white-house-says","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/student-loan-debt-wipeout-to-cost-24-billion-per-year-white-house-says\/","title":{"rendered":"Student Loan Debt Wipeout to Cost $24 Billion per Year, White House Says"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fstudent-loan-debt-wipeout-to-cost-24-billion-per-year-white-house-says%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1624160&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>The White House said Friday that President Joe Biden\u2019s <a href=\"https:\/\/www.theepochtimes.com\/t-student-loan\">student loan<\/a> debt forgiveness program would <a href=\"https:\/\/www.theepochtimes.com\/t-cost\">cost<\/a> taxpayers $24 billion per year but that it considers it \u201cfully paid for\u201d because it\u2019s offset by the administration\u2019s deficit reduction.<\/p>\n<p>White House Press Secretary Karine Jean-Pierre disclosed the Biden administration\u2019s cost estimate for the debt wipeout program in an Aug. 26 statement, which came days after several independent estimates put the figure at between $33 billion and $50 billion per year.<\/p>\n<p>\u201cWe estimate that the Administration\u2019s targeted student debt relief plan will reduce average annual receipts in the student loan program by approximately $24 billion per year,\u201d Jean-Pierre said.<\/p>\n<p>The figure provided by Jean-Pierre means that, over a ten-year period, the forgiveness scheme will cost the government $240 billion in lost revenue.<\/p>\n<p>But White House officials have said they consider the program completely paid for as the administration is on track for $1.7 trillion in deficit reduction and, rather than requiring new outlays by taxpayers, the $240 billion in lost revenue would just cut the deficit reduction figure to around $1.5 trillion.<\/p>\n<p>\u201cPractically speaking, compared to the previous year, 1.7 trillion more dollars are coming into the Treasury than are going out,\u201d Bharat Ramamurti, the deputy director of the National Economic Council, said at an Aug. 26 briefing at the White House.<\/p>\n<p>\u201cAnd we\u2019re using a portion of that\u2014a very small portion of it\u2014to provide relief to middle-class families, consistent with the President\u2019s plan. So, yes, we consider it fully paid for,\u201d he said.<\/p>\n<p> Cost Estimate Will \u2018Necessarily Change\u2019 <\/p>\n<p>The $240 billion cash-flow impact projection is based on the assumption that 75 percent of eligible participants take part in the program, the White House <a href=\"https:\/\/www.whitehouse.gov\/omb\/briefing-room\/2022\/08\/26\/assessing-debt-reliefs-fiscal-and-cash-flow-effects\/\">said in an Aug. 26 analysis.<\/a><\/p>\n<p>The Biden administration expects this estimate to \u201cnecessarily change\u201d in line with the actual<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The White House said Friday that President Joe Biden\u2019s student loan debt forgiveness program would cost taxpayers $24 billion per year but that it considers it \u201cfully paid for\u201d because it\u2019s offset by the administration\u2019s deficit reduction. White House Press Secretary Karine Jean-Pierre disclosed the Biden administration\u2019s cost estimate for the debt wipeout program in [\u2026]<\/p>\n","protected":false},"author":118,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1624160","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1624160","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/118"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1624160"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1624160\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1624160"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1624160"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1624160"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}