The Congressional Budget Office estimates Joe Biden’s executive action canceling student debt will cost taxpayers billions.
Last month Biden announced his three-part plan, wiping out upwards of $20,000 in debt for any individual making less than $125,000 per year. This plan has received criticism from Republicans, noting the cost would be pushed onto taxpayers.
In the report released Monday by the CBO, a non-partisan group, the estimated cost to taxpayers would be roughly $400 billion, with an estimated 90% participation of eligible recipients.
