The Biden administration's effort to provide widespread student loan forgiveness for some Americans will cost about $400 billion over a decade, according to a new report from Congress's nonpartisan budget scorekeeper. The estimate applies to the plan President Biden announced last month to forgive $10,000 in federal student loan debt for borrowers earning under $125,000 and $20,000 for borrowers who received Pell Grants. The Congressional Budget Office (CBO) said 43 million borrowers shared $1.6 trillion in federal student loan debt as of June 30. Under Biden's plan, about $430 billion of that debt will be wiped out, the reporting shows. The CBO also estimated the costs for the Biden administration's recent renewal of the moratorium on federal student loan payments and interest accrual, which had been set to lapse at the end of August. The extension, which punts the deadline to the end of the year, was projected to cost $20 billion in the new report. Read more here. |
|
|
Welcome to The Hill's Evening Report, catching you up on news from the afternoon and looking at the big stories likely to impact tomorrow. |
|
|
🐘 Senate GOP leadership whipping against Manchin permitting bill
|
Senate Republican leaders are urging their GOP colleagues to stay unified against a permitting reform bill sponsored by Sen. Joe Manchin (D-W.Va.) and to support instead a competing bill sponsored by his home-state colleague, Sen. Shelley Moore Capito (R-W.Va.). |
|
|
🌀 When will Hurricane Ian make landfall in the US?
|
Hurricane Ian was still growing in strength Monday as it continued its path toward the continental United States. At its current pace and on its current path, the hurricane is expected to make landfall on Florida's west coast as early as Wednesday.
|
|
|
🐊 White House, DeSantis put politics aside for Hurricane Ian response
|
The White House says any political strife with Florida Gov. Ron DeSantis (R) will not affect its response to Hurricane Ian, which is expected to batter the state in the coming days.
|
|
|
🧑⚖️ Sinema in speech says 60-vote Senate threshold should be restored |
Sen. Kyrsten Sinema (D-Ariz.) on Monday said the Senate should reinstate the 60-vote threshold for all judicial and executive branch nominees.
|
|
|
🗣️ Gallego accuses Sinema of wanting Dems to lose House, Senate
|
Rep. Ruben Gallego (D-Ariz.) ratcheted up his criticism of Sen. Kyrsten Sinema (D-Ariz.) on Monday, accusing her of wanting Democrats to lose control of Congress in November. |
|
|
☢️ Russia says it is in 'sporadic' contact with US on nuclear issues
|
The Kremlin says it's in "sporadic" contact with the U.S. after White House national security adviser Jake Sullivan said the U.S. has talked directly to top-level Russian leaders as recently as the last few days.
|
|
|
📱 Riggleman: Mom texted, 'I'm sorry you were ever elected' |
Denver Riggleman, a former GOP lawmaker from Virginia and House Jan. 6 committee aide, wrote in his forthcoming book that his mom texted him saying she was "sorry you were ever elected" after the then-Republican lawmaker went on CNN to condemn QAnon.
|
|
|
🇮🇹 GOP lawmakers celebrate right-wing candidate's win in Italy
|
Conservative lawmakers are voicing support for Giorgia Meloni, the leader of a right-wing alliance that came out victorious in Italy's elections on Sunday.
|
|
|
⚾ Biden quips he knows 'something about being counted out' |
President Biden hosted the Atlanta Braves, who won the 2021 World Series, at the White House, quipping that he also knows "about being counted out." |
|
|
🇫🇷 Biden to host Macron for state visit in December
|
President Biden will host French President Emmanuel Macron at the White House in December for a state visit, the first such visit for a foreign leader since Biden took office. |
|
|
📃 Pennsylvania lawmaker models bill after Florida 'Don't Say Gay' law |
A conservative Pennsylvania House member has introduced legislation to ban discussions of sexual orientation and gender identity in public school classrooms, arguing the measure is necessary to protect the state's youth from "indoctrination." |
|
|
🗳️ Levin's staff becomes first Capitol Hill office to unionize
|
The staff of Rep. Andy Levin (D-Mich.) has voted to unionize, becoming the first congressional office in history to form a union.
|
|
|
🛒 Rising grocery costs pushing older Americans to eat less healthy
|
Rising grocery costs have impacted more than three quarters of older Americans, forcing some to eat less healthy foods, according to a new national poll. |
|
|
🏠 Remote work sparked housing boom: Fed study
|
Remote work is a driving force behind surging home prices, according to a new study from the Federal Reserve Bank of San Francisco. |
|
|
Nuclear threats: Why words matter | "We live in a world of alarming threats, both real and perceived. So, when leaders of countries ... use threatening words or phrases, people rightly go on high alert," writes Tara D. Sonenshine of Tufts University. |
|
|
1625 K Street NW, 9th Floor, Washington, DC 20006 |
© 1998 - 2022 Nexstar Media Inc. | All Rights Reserved. |
|
|
|
If you believe this has been sent to you in error, please safely unsubscribe.
No comments:
Post a Comment