White House refuses to say who will pay for Biden $500B student loan handout

President Biden still hasn’t explained how he plans to pay for the cancelation of thousands of dollars of debt for student loan borrowers, which could cost taxpayers upwards of $500 billion.

Despite unveiling the policy last week, administration officials have yet to clarify how the proposal will be paid for in the long term.

Since the current plan calls for the government to forgive the debt, that means taxpayers are likely on the hook for much of the principal and interest is dumped on top of the nearly $31 trillion.

Fox News has reached out to the White House multiple times inquiring how the Biden administration plans to pay for the student loan handout or whether it was eyeing future tax hikes to pay for it.

A spokesperson responded by pointing to comments Friday by Bharat Ramamurti, deputy director of the National Economic Council, who claimed the plan is "fully paid for" through deficit reduction.

It's paid for & far more by the amount of deficit reduction that we’re already on track for this year," Ramamurti said. "Like I said, we’re on track for $1.7 trillion in deficit reduction this year.

 That means, practically speaking, compared to the previous year, 1.7 trillion more dollars are coming into the Treasury than are going out.

 And we’re using a portion of that — a very small portion of it — to provide relief to middle-class families, consistent with the president’s plan."

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