Constitutional Crisis: Biden’s Student Loan Handout Could Cost $400 Billion, Congressional Budget Office Reports
UPDATE: ‘FLAGRANTLY ILLEGAL’: Lawsuit Filed to Stop Biden’s Student Debt Cancellation
As Americans drown in Democrat incurred debt, they are ramping up more trillion dollar debt. President Biden’s move to cancel up to $10,000 in student loans for privileged borrowers (at the expense of the working class) — and up to $20,000 for others — will cost more than $400 billion, according to the nonpartisan Congressional Budget Office (CBO)
“By suddenly adding so-called student loan “forgiveness” to the November elections, President Joe Biden has used politics to paper over the constitutional crisis he precipitated. Under the Constitution, paying off federally insured student loans would be a presidential usurpation not only of the legislative power but also the appropriations power, the taxing power, and the “debting” power.”
Fox News: President Biden’s move to cancel up to $10,000 in student loans for many borrowers — and up to $20,000 for others — will cost more than $400 billion, according to the nonpartisan Congressional Budget Office (CBO). The CRFB also included in its estimate about $120 billion in costs to taxpayers from another element of the Biden’s executive order on “income-driven repayment,” which the CBO said it excluded. (Fox News). CBS News: The cost of the debt-forgiveness plan has sparked a debate among some Republicans and those without college degrees, who have argued that the plan isn’t fair to people who didn’t go to college but yet whose tax dollars will support the effort. After the report was issued, Republicans decried the plan’s price tag, citing the CBO’s forecast, with Rep. Andy Biggs of Arizona writing on Twitter that it was “even more expensive than we initially thought.” Even so, the CBO’s estimate is lower than an earlier forecast from the University of Pennsylvania’s Penn Wharton Budget Model, which pegged the cost at $519 billion (CBS News). National Review: More than 60 percent of Americans would oppose President Biden’s student loan “forgiveness” if it were to raise taxes, according to a new poll by the Cato Institute (National Review).
President Trump on Oct. 20, 2020: If Joe Biden gets elected, 'the stock market will crash.'
The market has lost $7.6 trillion since Biden took office.
— Lance Gooden (@Lancegooden) September 26, 2022
Market cap of stocks ⬇️ over $7.6 trillion
Household income ⬇️ $7,200
Dow Jones is ⬇️ 20.02% YTD
NASDAQ is ⬇️ 30.95%
S&P 500 is ⬇️ 23.31%
Elections have consequences.
— Charlie Kirk (@charliekirk11) September 26, 2022
Americans Spent More on Taxes in 2021 Than on Food, Clothing and Health Care Combined
Can Congress Sue Biden Over The Student Loan Constitutional Crisis He Created?
Explosions Reported On Nord Stream Pipelines As Massive Gas Leaks into Baltic Sea
WATCH Viral Video: Rampaging Mob Ransacks Philadelphia Wawa, Twerk on Counter, “Are Y’all Gonna Make The Sandwiches?”
EDITORS NOTE: This Geller Report is republished with permission. ©All rights reserved.
Leave a ReplyWant to join the discussion?
Feel free to contribute!