WH press secretary said Biden’s plan could cost $24 billion annually.


(CNN)White House press secretary Karine Jean-Pierre told CNN on Thursday night roughly $24 billion per year. When asked by Lemon if the White House will provide a comprehensive cost estimate,

 Biden's plan

Jean-Pierre said that they would do so after seeing how many Americans took use of the program. The White House had a difficult time responding to inquiries regarding Biden’s proposal for the second day in a row, while while asserting that the President waited for the plan to be

before making it public and that the strategy could not be predicted in terms of cost. The proposal to forgive millions of Americans’ federal student loan debt totaling thousands of dollars was still completely paid for because of the job that this President has done with the economy,

Jean-Pierre said during an earlier press briefing on Thursday. When asked explicitly if the administration had a better understanding of the program’s entire cost, Jean-Pierre responded,

Biden's plan

The President’s record on fiscal discipline is second to none,” before listing a number of his economic achievements. However, she did not include a potential cost estimate for the idea during the briefing.

Prior to getting a clear picture, she added, “It will depend on how many borrowers really take up this chance and how many of the loans canceled were truly supposed to be returned. The press secretary was questioned repeatedly throughout the briefing on the figures.

The move, she claimed, wouldn’t increase the deficit because of “the $1.7 trillion. we’ve done the work right to lower the deficit (referring to an administration estimate of how much the federal deficit will decline in the fiscal year 2022) and the “$50 billion per year is going to go back to the Treasury once student loan repayments begin in December.

Biden's plan

She claimed that because repayments were paused, the Treasury “was getting zero for the last two years,” but on Wednesday, Bharat Ramamurti, deputy director of the National Economic Council, said that about $2 billion per month is still being paid by borrowers during the pause,

compared to $6 billion per month normally. On Twitter, the White House gave a sharper defense of its intention to erase student debts, criticizing GOP members who had their Paycheck Protection Program loans forgiven.

One tweet from the White House in reaction to the Georgia Republican’s criticism of Biden’s plan stated, “Congresswoman Marjorie Taylor Greene had $183,504 in PPP debts Mike Kelly of Pennsylvania, Vern Buchanan of Florida,

Markwayne Mullin, and Kevin Hern of Oklahoma, the White House tweetedidenticalreactions.Jean-Pierre responded The Department of Education is going to take the lead when questioned on Thursday about whether the government will eventually disclose a cost estimate.


When asked why the President took so long to decide to cancel the debt, she responded that Biden was to blame and wished to carry it out in a financially sensible manner. And then there was the legal review, which we wanted to make sure was completed.

Biden’s plan

But when asked how it could be financially prudent without a public cost estimate and without details on how or by whom the plan would be paid for, The government,

according to Jean-Pierre, does not view this as irresponsible. We don’t think this is reckless, she added. We believe that this is a balanced, economically prudent way to go about achieving this.


I can still hear people asking, Why don’t you do $50,000?Because we want to make sure that we handle this in a financially prudent manner, we don’t want to do that. Again, not everyone will be pleased, but we must ensure that we fulfill that commitment while still acting wisely and responsibly financially.

Ramamurti had provided another justification for the challenge of presenting a top-line figure to CNN’s Phil Mattingly on Wednesday. He said that it would be challenging to estimate the overall cost without knowing how many signed up for loans. According to him, “it has a significant impact on the cost.

But he said that it was also challenging to get a precise figure due to other circumstances. According to him, estimates of the default rates vary,


which would have an impact on the overall sum. He continued by saying that offering assistance would increase tax collection if individuals who benefited opened up small enterprises or bought homes.


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