President Biden’s push to cancel student loan debt is driving the federal deficit to new heights, according to the latest Congressional Budget Office (CBO) report.
The 2024 fiscal year deficit is now projected to hit a whopping $1.9 trillion – that’s $400 billion more than the CBO thought just a few months ago.
The price tag for Biden’s student loan schemes?
It’s ballooned to $145 billion more than expected, with the potential to climb even higher.
If a last-minute rule change goes through, we could be looking at an extra $211 billion added to the deficit this year alone.
Let’s be clear: this is executive overreach, plain and simple.
The Supreme Court already shot down Biden’s original loan forgiveness plan last August, saying he’d gone too far.
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But instead of respecting the Court’s decision, the administration is trying to sneak in debt cancellation through the back door. These new attempts are facing legal challenges too – and rightly so.
This isn’t just about student loans.
Biden’s spending spree is pushing our national debt into dangerous territory.
All of those student loans being “forgiven” by Biden … guess who pays for them now? We do.
They get shifted to the national debt. We now get to pay interest on them forever because the national debt will never be paid down.
Hundreds of billions of $$$ pic.twitter.com/DHcmHRgaa1
— Wall Street Silver (@WallStreetSilv) June 20, 2024
By 2026, we’ll be shelling out over $1 trillion a year just on interest payments. That’s more than we spend on our entire military defense!
The numbers are mind-boggling.
This year alone, interest payments will hit $870 billion, overtaking defense spending at $822 billion.
To put that in perspective, we were paying $223 billion in interest back in 2015. In less than a decade, that figure has nearly quadrupled.
And let’s not forget Biden’s other budget-busting moves.
The $1.9 trillion American Rescue Plan and the misleadingly named Inflation Reduction Act have piled on even more debt.
These programs often end up costing way more than advertised.
Take the IRA’s green initiatives – originally priced at $385 billion, they’re now expected to cost over $1 trillion in the next decade.
While the government’s income has stayed pretty steady, spending has gone through the roof.
We’re looking at government spending hitting 24.2% of GDP this year – a level we’ve only seen once since World War II.
National Debt Tracker: American taxpayers (you) are now on the hook for $34,734,110,906,935.60 as of 6/20/24 https://t.co/yKFQJLAmee
— FOX Business (@FoxBusiness) June 21, 2024
So what’s the fix?
It’s simple, but not easy. We need to put the brakes on Biden’s runaway spending train.
That means scrapping programs like the Inflation Reduction Act, reversing these illegal student loan write-offs, and ending the pandemic-era handouts that have long overstayed their welcome.
As we head into the 2024 election, voters need to wake up to the long-term damage these policies are causing.
We need courts to keep standing up to executive overreach, and we need lawmakers who’ll make the tough choices to get our finances back on track.
The bottom line? Biden’s student loan shenanigans are just the tip of the iceberg.
It’s time to face facts: our national debt is spiraling out of control, and we can’t afford to keep kicking the can down the road.
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We need real solutions, not more budget-busting gimmicks that mortgage our children’s future.
