FASANO, ITALY - JUNE 14: President of the United States of America, Joe Biden attends a working session on Artificial Intelligence , Energy, Africa-Mediterranean on day two of the 50th G7 summit at Borgo Egnazia on June 14, 2024 in Fasano, Italy.
About 80 percent of the increase in the projected deficit in 2024 is driven by four factors that all boost projected outlays,” the report reads. “A $145 billion increase in projected outlays for student loans stems mostly from revisions that the Administration made to the estimated subsidy costs of previously issued loans and from the Administration’s proposed rule to reduce many borrowers’ balances on student loans.
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