President Joe Biden’s executive actions taken to cancel student loan debt is a primary cause of a $400 billion increase in the federal government’s projected deficit for 2024.
On Tuesday, the Congressional Budget Office released a revised estimate up from February, calculating the deficit will total $1.9 trillion.
In its report, the CBO said the cost of Biden’s student loan cancellation is expected to be $145 billion more than the agency estimated in February.
But the CBO noted their projection could be $66 billion too low depending on whether a Biden administration rule change on student loans can be finalized by the end of the fiscal year, which is Sept. 30.
In which case the total increase in cost could be as high as $211 billion for the year, according to calculations by The Wall Street Journal.
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