Biden’s Student Debt Cancellation a Main Cause of $400B Increase in ’24 Deficit
President Joe Biden’s executive actions taken to cancel student loan debt are 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.
