Thanks Joe Biden, CBO says your college giveaway would cost 400 billion more.

Thanks Joe Biden, CBO says your college giveaway would cost 400 billion more. Joe said that by giving away the house would actually lower the debt. His claim was that come January when those who didn't get their debt removed would pay for this . One it wouldn't and two Joe didn't figure in on how many would not pay the college debt.

Now we have this from the CBO.

CBO estimates that the cost of outstanding student loans to the federal government will increase by about $400 billion because of an executive action canceling some debt.

• The cost of outstanding student loans will increase by $20 billion because an action suspended payments, interest accrual, and involuntary collections from September 2022 to December 2022, the Congressional Budget Office estimates. That present-value cost is relative to the amounts in CBO’s May 2022 baseline projections.
• After accounting for those suspensions, CBO estimates that the cost of student loans will increase by about an additional $400 billion in present value as a result of the action canceling up to $10,000 of debt issued on or before June 30, 2022, for borrowers with income below specified limits and an additional $10,000 for such borrowers who also received at least one Pell grant.

Republicans, have blasted Biden’s student debt cancellation as an unfair freebie that forces the working class to foot the bill for people who went to college.

“CBO’s $400 billion cost estimate shows this administration has lost all sense of fiscal responsibility,” North Carolina Rep. Virginia Foxx, said in a statement Monday. Foxx serves as the Republican leader on the House Education and Labor Committee.