House GOP slam CBO after it 'miscalculated' student loan program
Signed into law in 2010 by former, the measure, which included a federally-backed student loan program, was estimated to save taxpayers $40 to $62 billion from 2010 to 2020. However, in 2019, the CBO issued a new projection and said the program would cost taxpayers $31.5 billion over the next ten years.
In a letter sent to CBO Director Phillip Swagel on Friday, 15 House Republicans requested the formulas the agency used that led to the miscalculation and resulted in taxpayers footing more than $400 billion for the creation of the program. In addition, the Republicans stated in the letter that it was important for Congress and members of the public to "have access to disclosures on the data, programs, models, assumptions and other details that CBO uses to estimate the cost of legislation."
Led by Rep. Warren Davidson, R-Ohio, the letter also called for the agency to issue a new projection on the cost of the measure, including "the total projected cost of these student lending programs on taxpayers," and insisted that "transparency is necessary to ensure accuracy and confidence in CBO’s reports.""Due to CBO’s miscalculation, taxpayers are on the hook for an unexpected $435 billion," Davidson said in a statement to Fox News Digital.
It was reported this week that Biden told members of Congress he’s looking at options to forgive student loans through executive action.
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