Joe Biden’s plan to forgive thousands of dollars of student loan debt for millions of Americans will cost more than $400bn over three decades, the non-partisan Congressional Budget Office has estimated.
The high price tag was revealed by the CBO on Monday in a letter to Republican lawmakers who had asked for an assessment of its budgetary impact. The US president in August announced his executive action to cancel the student debt.
The student loan forgiveness scheme was cheered by progressive Democrats as a way to provide relief for millions of Americans saddled with student debt. It would cancel up to $10,000 in debt for those earning $125,000 or less.
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