DEBT DISASTER: Biden's massive student loan handout sent deficit soaring in 2022, watchdog says
plan will cost U.S. taxpayers between $440 billion and $600 billion over the next 10 years, according to the Committee for a Responsible Federal Budget.
President Biden speaks about student loan debt forgiveness in the Roosevelt Room of the White House, Wednesday, Aug. 24, 2022, in Washington. "In accordance with the Federal Credit Reform Act, the full multiyear costs of those actions are recorded up front on a present-value basis," CBO said. The CBO also said the estimated cost of the student loan handout put total Department of Education spending at $639 billion for fiscal year 2022, a level that rivals the Defense Department budget.near the end of the fiscal year, the budget deficit was higher than the CBO anticipated earlier in the year. The total revenue shortfall in FY2022 was $1.4 trillion, about half of the $2.8 trillion budget deficit in 2021, but still higher than expected.
"Net outlays for interest on the public debt increased by $121 billion , primarily because higher inflation this year has resulted in large adjustments to the principal of inflation protected securities," the CBO said.Total spending in FY2022 was $6.2 trillion, down just a little from the $6.8 trillion in federal spending in 2021. Spending in 2021 was a record high because of the trillions of additional spending approved in 2020 and 2021 because of the COVID-19 pandemic.
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