House Republicans are pushing to increase taxes on university endowments so taxpayers are not forced to foot the bill for President Biden's student debt handout.
claim, however, the proposal is fully paid for because the annual budget deficit is shrinking thanks to reduced spending in other areas.
Economists say the White House's comments and unwillingness to outline offsets for the student debt handout, like tax increases or budget cuts, means the cost of the program will add to the annual budget deficit, which will land at about $1 trillion for the fiscal year that ends Sept. 30. They also say that just because spending in one area is falling doesn't mean new spending is free.
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