student loan debt

The White House’s action is completely at odds with its talk of deficit reduction, MacGuineas said. By forgiving billions in student loans, the nation’s deficit will increase twice as much – it reached $2.8 trillion in the fiscal year 2021, the second-highest in history – undoing the $300 billion Democratic plans for deficit reduction. She added that the president undid a year’s worth of work on the fiscal front with a pen stroke.