As opponents of U.S. President Joe Biden’s student debt cancellation plan weaponized a new government analysis on its estimated cost, some Democratic lawmakers on Monday pointed to the report as further evidence that the administration is on the right track.
“The pandemic payment pause and student debt cancellation are policies that demonstrate how government can and should invest in working people, not the wealthy and billionaire corporations.”
In response to a request by a pair of Republicans, the nonpartisan Congressional Budget Office (CBO) said that Biden’s plan—which will cancel up to $20,000 in debt for federal borrowers with certain incomes—will cost about $400 billion over 30 years.
“Today’s CBO estimate makes clear that millions of middle-class Americans have more breathing room thanks to President Biden’s historic decision to cancel student debt,” declared Senate Majority Leader Chuck Schumer (D-N.Y.) and Sen. Elizabeth Warren (D-Mass.).
Schumer and Warren were among the congressional Democrats who long called on Biden to implement an even bolder plan canceling up to $50,000 in debt per federal borrower.
In their joint statement, the senators recalled the Tax Cuts and Jobs Act (TCJA) signed by former President Donald Trump in late 2017. Blasted by critics as the “GOP tax scam,” the law largely served major corporations and wealthy individuals.
“In contrast to President Trump and Republicans who gave giant corporations $2 trillion in tax breaks, President Biden…
