According to an analysis from the Committee for a Responsible Federal Budget, President Biden’s debt cancellation plan will cost in between “ $440 billion plus $600 billion over the following ten years, ” and Conservatives are continuing to warn that the move is not fiscally responsible or fair.
President Biden upon Wednesday announce d his plan to reduce a portion of student loan financial debt for those earning less than $125, 000 per year.
According to a visual shared by Biden, beneath the plan, those making less than $125, 000 will see 20 dollars, 000 forgiveness if they went to college on a Pell Grant, and $10, 000 for individuals who did not receive Pell Grants:
While some Democrats say the plan does not go far enough, most are partying it as a step in the ideal direction, while conservatives carry on to warn that it is yet another irresponsible and unfair financial move at the hands of Democrats.
“ Why should a machinist in Kansas pay for the student loans of the jobless philosophy major in Los Angeles? ” Rep. Jim Jordan (R-OH) asked upon Thursday: