estimated $475 billion over ten years. that s according to the penn wharton business model. the administration also announced plans to forgive $39 billion in student loan debt last month. that prompted a lawsuit. i think here, martha, it s same to expect more push-back ahead in response to this recent letter from the 90 democrats. republican representative lisa mcclain from michigan that serves on the committee for education and work force, she told fox business, they, the democrats, want to cancel loans and make american taxpayers flip the bill. it s an abuse of power at the highest level and i will fight them to the builter end. the democrats are pushing biden for more debt forgiveness. the timeline, they want it by early 2024. that s a campaign issue. they need it before the election. martha: we had numbers that we worked on for the debate. i think 62% of those polled said they like this plan.
there possibly could be on this. it adds up to taxpayer money, doesn t it, bill? this newest roll-out of the plan will cost taxpayers $475 billion over a 10-year budget window according to the budget model. president biden putting out a campaign-style video talking about all the student debt forgiveness he has taken while announcing people can sign up for the saving on a valuable education plan or save plan. president biden: we have already approved over $116 billion in debt cancellation for 3.4 million americans no matter how many lawsuits, challenges or roadblocks the republican elected officials or special interests try to put in our way. because the u.s. supreme court shot down the larger $440 billion plan in one chunk, the president has been trying to find ways to add it up in pieces. this particular program requires that people paying student loans only pay 10% of their income after housing and food costs. the president lowered that percentage to 5%.
john: the biden team is out with a work-around after the supreme court struck down the student loan handout. the new bail-out is called the save plan. it could cost taxpayers hundreds of billions in total. ed lawrence is live from the white house. ed, how much exactly is this going to cost us? we are talking about a lot of money. so, president joe biden unveiling, unrolling this plan that would help americans who have student loans with those payments. it would cost all taxpayers $475 billion over ten years. now, this is how it breaks down, according to the pen wharton budget model. 200 of that would hit this year s federal debt, and another 275 billion over the ten years for the new loans where payments are reduced. plan called save on a valuable education or save, means people
behind the wheel was having a mental health episode. thankfully, the folks who lived in the house made it out okay. not something you see every day. those are your headlines, ainsley. ainsley: how did it get up there to the second floor? must have hit the cush and flew up there. so crazy. glad everything is okay. they allege that canceling borrower s debt through the scheme would erase their to participate in the public service loan forgiveness program. that program is used by nonprofits, like themselves, to employ loan borrowers, and aside from hurting nonprofits the plan would also cost taxpayers, according to a penn wharton business model 475 billion, look at all those zero over the next 10 years.
patrick wright is vice president of legal affairs at the mckin that you center and he joins us now. good morning to you, patrick. good morning. thanks for having me on. ainsley: we just reported that the u.s. supreme court already struck down this student loan forgiveness. what s the difference? why do you need to file this suit? what they have done in the budget act they agreed not to use the hero s act from 9/11 and that s what the supreme court struck down. this is their second best attempt where they are trying to use the higher education act and just press releases to knock off 39 billion and then potentially another 116 billion on top of that. ainsley: yeah. and 475 billion over the course of 10 years according to wharton. now, your argument is congress needs to decide this. not the administration? that is correct. it s just basic civics. with an amount of money like this, you need clear direction from congress. that s what was decided in the biden vs. nebraska case by