No one at the White House can explain exactly how President Joe Biden plans to pay for his student loan forgiveness plan, which by some estimates will cost at least $500 billion.
The closest so far has been deputy director of the National Economic Council Bharat Ramamurti, who tried to claim that Biden is reducing the deficit (he's not).
"It is paid for and far more by the amount of deficit reduction that we’re already on track for this year," Ramamurti said. "Like I said, we’re on track for $1.7 trillion in deficit reduction this year."
According to the National Taxpayers Union Foundation, each taxpayer making between $75,000 and $100,000 would pay almost $1500 in higher taxes to pay for the bailout. While lower-income taxpayers pay less, many of them did not go to college and now have to pay for people who did.
Biden's entire plan includes a cap on how high loan payments can be and looser loan forbearance rules, making the price tag more like $1 trillion.
Read the full story here.