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In March 2024, the Biden administration announced that it would forgive $5.8 billion in student loan debt to 78,000 borrowers under the PSLF program, [133] and then an additional $7.4 billion in student loan debt for 277,000 borrowers from additional changes to the PSLF program the next month, which brought the total dollar amount of student ...
Future taxpayers will essentially pay the bill. All told, Biden's debt-cancellation plans will cost the government $559 billion in foregone revenue over the coming decade, according to analysis ...
In 2023, the U.S. Supreme Court shut down the assertion by Biden’s education secretary, Miguel Cardona, that the Heroes Act granted him the authority to cancel $430 billion in student loan debt.
The Biden administration took several steps to limit future defaults as part of its SAVE plan. It would have automatically enrolled borrowers in the program if they fell 75 days late on their ...
On May 27, Biden and then-House speaker Kevin McCarthy struck a deal to increase the debt-ceiling but cap federal spending; [14] the resulting bill, the Fiscal Responsibility Act of 2023, passed the House on May 31 and the Senate on June 1. [15] Biden signed it into law on June 3, bringing the crisis to an end. [16]
WASHINGTON — President Joe Biden announced Thursday that the White House has approved the cancellation of nearly $6 billion in federal student debt for thousands of public service workers.
Like most politicians, Biden pays lip service to debt reduction while pushing policies more likely to have a near-term impact and extend his long political career.
The national debt was up to $80,885 per person as of 2020. [153] The national debt equated to $59,143 per person U.S. population, or $159,759 per member of the U.S. working taxpayers, back in March 2016. [154] In 2008, $242 billion was spent on interest payments servicing the debt, out of a total tax revenue of $2.5 trillion, or 9.6%. Including ...