President Joe Biden's sweeping student loan forgiveness plan will wipe all the budget savings created by the Inflation Reduction Act—and then some.
In a letter published on Monday, the Congressional Budget Office (CBO), a nonpartisan federal agency, estimated that Biden's student loan debt forgiveness plan will increase the cost of student loans by $400 billion. That's more than the White House originally projected, and it means that the fiscally imprudent debt relief effort will end up swamping the modest budgetary savings achieved by last month's passage of the Inflation Reduction Act by more than $150 billion.
