{"id":1630271,"date":"2022-09-02T03:19:13","date_gmt":"2022-09-02T07:19:13","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1630271"},"modified":"2022-09-02T03:19:17","modified_gmt":"2022-09-02T07:19:17","slug":"white-house-reveals-how-bidens-massive-student-loan-handout-will-be-paid-for","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/white-house-reveals-how-bidens-massive-student-loan-handout-will-be-paid-for\/","title":{"rendered":"White House Reveals How Biden\u2019s Massive Student Loan Handout Will Be Paid For"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><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%2Fwhite-house-reveals-how-bidens-massive-student-loan-handout-will-be-paid-for%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=1630271&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><a href=\"https:\/\/www.theepochtimes.com\/t-white-house\">White House<\/a> officials have suggested that President Joe Biden\u2019s\u00a0<a href=\"https:\/\/www.theepochtimes.com\/t-student-loan\">student loan<\/a> debt cancellation program will be fully funded by a\u00a0reduction in the federal deficit, potentially further exacerbating the government\u2019s spending revenue.<\/p>\n<p>Biden announced last month that he would cancel as much as\u00a0$20,000 in federal\u00a0student debt\u00a0for Pell Grant recipients and $10,000 for other borrowers making less than $125,000 annually.<\/p>\n<p>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.<\/p>\n<p>Speaking about the debt cancellation program\u00a0at a press briefing on Aug. 26,\u00a0Bharat Ramamurti, deputy director of the National Economic Council,\u00a0<a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/press-briefings\/2022\/08\/26\/press-briefing-by-press-secretary-karine-jean-pierre-and-deputy-director-of-the-national-economic-council-bharat-ramamurti-august-26-2022\/\">said:\u00a0<\/a>\u201cIt is paid for and far more by the amount of deficit reduction that we\u2019re already on track for this year.\u201d<\/p>\n<p>\u201cWe\u2019re on track for\u00a0$1.7 trillion in deficit reduction\u00a0this year.\u00a0That means, practically speaking, compared to the previous year, 1.7 trillion more dollars are coming into the Treasury than are going out.\u00a0And 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.\u201d<\/p>\n<p>\u201cSo, yes, we consider it fully paid for,\u201d\u00a0Ramamurti added.<\/p>\n<p>According to\u00a0the Congressional Budget Office (<a href=\"https:\/\/bipartisanpolicy.org\/report\/deficit-tracker\/\">CBO<\/a>), the\u00a0federal deficit stood at\u00a0$727 billion in the first 10 months of the fiscal year 2022, down from the\u00a0$2.5 trillion deficit over the same period in the financial year 2021.<\/p>\n<p>That is largely down to the Biden administration\u2019s decision to phase out COVID-19-related spending programs that were initially put in place at the start of the pandemic.<\/p>\n<p>However, the deficit is still by no means small and in July alone, it ran at $212 billion, according to the CBO, with the government receiving\u00a0$272 billion in receipts but splashing out $484 billion on spending, which marks the second largest\u00a0single month deficit this fiscal year.<\/p>\n<p> \u2018Making the Nation\u2019s Finances Worse\u2019 <\/p>\n<p>Experts say that<\/p>\n","protected":false},"excerpt":{"rendered":"<p>White House officials have suggested that President Joe Biden\u2019s\u00a0student loan debt cancellation program will be fully funded by a\u00a0reduction in the federal deficit, potentially further exacerbating the government\u2019s spending revenue. Biden announced last month that he would cancel as much as\u00a0$20,000 in federal\u00a0student debt\u00a0for Pell Grant recipients and $10,000 for other borrowers making less than [\u2026]<\/p>\n","protected":false},"author":69,"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-1630271","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\/1630271","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\/69"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1630271"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1630271\/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=1630271"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1630271"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1630271"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}