White House officials say President Biden's decision to cancel between $10,000 and $20,000 in student debt for millions of Americans is fully paid for because of a drop in the federal deficit, an argument that suggests the full cost of the policy will just be piled on top of the national debt.
Fox News Digital has reached out to the White House multiple times over the past week about how it plans to pay for the student loan handout or if future tax hikes will be necessary.
The White House now says the handout is "fully paid for" through deficit reduction that is already occurring.
"It is paid for and far more by the amount of deficit reduction that we’re already on track for this year," said Bharat Ramamurti, deputy director of the National Economic Council.
