federal loan payments. none of them have to pay any of these loans back until january of 2023. president claiming that this targeted approach will actually have a positive effect, he says, on lowering inflation. but tax experts and republicans think that those numbers do not add up. this is senator tom cotton. watch this. the president doesn t have the power just to unilaterally on his own eliminate entire categories of de. of all the dumb things joe biden has done this is the dumbest yet. a terrible policy that will harm many more americans that it will help. a former obama economic advisor pushing back as well pouring roughly half a trillion of gasoline on the inflationary fire that is already burning is reckless, says jason fuhrman who was with the obama/biden administration and thinks it is a very bad move. jacqui heinrich joins us now live with more. good morning, martha. it is not just the press secretary refusing to admit that taxpayers are footing the bill for t
it is not just the press secretary refusing to admit that taxpayers are footing the bill for this. the education secretary this morning also refused to give an outline, a range of what this would cost. well, the committee for a responsible budget, which is nonpartisan, just did that for him and the tab is roughly $500 billion. biden s plan cancels up to $10 thouf in federal loans or 20,000 if you pick up pell grants. you will qualify if you make less than $125,000 a year. it will cost taxpayers up. then another tab for the income driven repayment plan for people who made too much money to get their debt canceled. when amounts resume the amounts will be cut in half and payments are paused until december costing another $20 billion. moreover there is nothing to reduce borrowing moving forward sengt up future administrations