President Joe Biden’s plan for student debt cancellation will cost the federal government about $400 billion over the next 30 years, according to new estimates from the Congressional Budget Office.
The figures were released Monday in response to a request from Republican lawmakers who oppose Biden’s plan in large part because of its costs. They were quick to cite the estimates as evidence that the plan will “bury” taxpayers, passing along the costs to huge numbers of Americans who never went to college.
