president s student loan forgiveness program while it considers a challenge to it. it comes as joe biden has been touting his initiative to younger voters ahead of the midterm elections. republican members of congress and republican governors are doing everything they can to deny this relief even to their own constituents. as soon as i announced my administration s plan on student debt, they started attacking it, saying all kinds of things. their outrage is wrong, and it s hypocritical, but, you know, we re not letting them get away with it. you know, they ve been fighting us in the courts, but just yesterday, state court and the supreme court said no. we re on biden s side. [ applause ] during his remarks, mr. biden also took credit for a drop in the federal deficit even though the loan forgiveness program is set to completely wipe out the government s modest deficit savings. britain s conservative party
come. that led to this huge sell off on wall street and biden still saying he feels good about the u.s. economy. white house correspondent jacqui heinrich has that part of the story. federal reserve chair jerome powell warning americans rate hikes will keep coming and they will be painful. but, necessary. these are the unfortunate costs of reducing inflation. but a failure to restore price stability would mean far greater pain. powell has pledged to bring down prices still running near 40 year highs comes as the white house admits the inflation reduction act may not live up to its name because canceling student loan debt will eat deficit savings. they are selling it this way. this is paid for. it is paid for and far more by the amount of deficit reduction that we are already on track for this year. the committee for responsible federal budget says not true and it, quote, will likely cost more than double the amount saved. completely eliminating any disinflationary benefit fro
in deficits over the year. that s our debt right now and this is being piled into that debt. that s a lot of dough. that is a lot of dough. listen, we ve heard so much about the inflation reduction act, how that is cutting the deficit to the tune of $300 billion, this student loan move will cost $400 billion. so whatever deficit savings we got from that or whatever don ward pressure that had or will have on inflation is completely wiped out here. we re adding to the national debt at a time when we can t afford to do so. neil: thanks, guys. i want to thank you both. fair and rationale discussion of this without screaming at each other. i appreciate that. thank you. meantime here, everyone knows donald trump can be a king makener the republican party. his percentage on getting the candidates he wants in is enviable. along comes another fellow, ron desantis that is having a great deal of success with his candidates when it comes to
down the deficit. they could wipe away those deficit savings. it could ramp up inflation, and republicans are bashing this move one after another calling it socialism, unfair, saying blue collar workers are the ones who are paying for this ultimately. how voters will respond remains to be seen. it doesn t resolve one big issue, college affordability is still a problem. absolutely. to the point about inflation, there are concerns from economists, but obviously it s become a political talking point. the estimates were just the $10,000 in forgiveness for those making under 125,000 a year could cost about $329 billion over a decade. it s also worth noting that on the broader issue, the biden administration has kind of been chipping away at this for some time. they have been doing bits and pieces of it, and it does add up to something. he has canceled more student loan debt than any other president, extended the pandemic
he s not transferring the other thing that kills me is just last week the president find the inflation reduction act where they said they would be all of the stuff at that saving. with this on the low end it wipes out all of the deficit savings they had there. tom cotton cottoned on to this. of all the dumb things joe biden has done this may be the dumbest yet. i note stiff competition but just think about how unfair this is for all the americans harmed by those who are now on the hook for hundreds of billions of dollars. these are people who took out loans and did so willingly and freely, they need to pay off their loans just like every other americans. judge come as a constitutional? i assume this will end up in the court? i don t think there s any question. the whole idea, the whole concept like the inflation reduction act is reducing our