This round totals $7,700,000,000. Writing it out shows how much money just went down the drain.In 2022, the Supreme Court said he overstepped his authority when he announced he would cancel up to $400,000,000,000 in loans.
HOWEVER! That also applies to those people who had their loans wiped out. So they’re paying back their loans and others as well. All told, Biden’s debt-cancellation plans will cost the government $559 billion in foregone revenue over the coming decade, according to. Biden is proposing no new revenue to cover the cost, which means it goes straight on top of the pile of what America owes to its creditors.
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