White House cuts 2023 US deficit forecast after student loan forgiveness struck down
2023.07.28 14:22
© Reuters. FILE PHOTO: U.S. President Joe Biden speaks about his plans for continued student debt relief after a U.S. Supreme Court decision blocking his plan to cancel $430 billion in student loan debt, at the White House in Washington, U.S. June 30, 2023. REUTERS/
WASHINGTON (Reuters) – The White House on Friday revised its fiscal 2023 U.S. budget deficit forecast to $1.543 trillion, a decrease of $26 billion from its March budget forecast, due largely to a major reduction in outlays after the U.S. Supreme Court struck down President Joe Biden’s student loan forgiveness program.
The Office of Management and Budget said in its Mid-Session Review update that the student loan decision would reduce outlays by $259 billion, offset slightly by an increase in spending due to rule changes for income-driven repayments.
