WASHINGTON — President Joe Biden's plan to forgive $10,000 in federal student debt for most borrowers will cost the government about $400 billion over 10 years, the nonpartisan Congressional Budget Office said in an estimate released Monday.
The report also noted that the administration plan to extend a pause on federal student loans will also cost about $20 billion.
The Committee for a Responsible Federal Budget, a group that advocates for lower deficits, said the CBO's predictions confirm "the outrageous cost" of Biden's student loan plan.
"The Biden Administration’s student debt bailout is even more expensive than we initially thought," tweeted Rep. Andy Biggs, R-Ariz. "The current bailout will cost Americans $420 BILLION, according to the CBO.
Rep. Mariannette Miller-Meeks, R-Iowa, tweeted, "President Biden isn’t forgiving student loans—he’s charging hardworking Americans $400 billion."