Posted BY: Breitbart
According to an analysis from the Committee for a Responsible Federal Budget, President Biden’s debt cancellation plan will costbetween “$440 billion and $600 billion over the next ten years,” and Republicans are continuing to warn that the move is not fiscally responsible or fair.
President Biden on Wednesday announced his plan to forgive a portion of student loan debt for those earning less than $125,000 per year.
According to a graphic shared by Biden, under the plan, those making less than $125,000 will see $20,000 forgiveness if they went to college on a Pell Grant, and $10,000 for those who did not receive Pell Grants:
In keeping with my campaign promise, my Administration is announcing a plan to give working and middle class families breathing room as they prepare to resume federal student loan payments in January 2023.— President Biden (@POTUS) August 24, 2022
I'll have more details this afternoon. pic.twitter.com/kuZNqoMe4I
While some Democrats say the plan does not go far enough, most are celebrating it as a step in the right direction, while conservatives continue to warn that it is yet another irresponsible and unfair fiscal move at the hands of Democrats.
“Why should a machinist in Ohio pay for the student loans of a jobless philosophy major in Los Angeles?” Rep. Jim Jordan (R-OH) asked on Thursday:
Why should a machinist in Ohio pay for the student loans of a jobless philosophy major in Los Angeles?— Rep. Jim Jordan (@Jim_Jordan) August 25, 2022