Stay updated with breaking news from Budget window. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
there possibly could be on this. it adds up to taxpayer money, doesn't it, bill? this newest roll-out of the plan will cost taxpayers $475 billion over a 10-year budget window according to the budget model. president biden putting out a campaign-style video talking about all the student debt forgiveness he has taken while announcing people can sign up for the saving on a valuable education plan or save plan. >> president biden: we have already approved over $116 billion in debt cancellation for 3.4 million americans no matter how many lawsuits, challenges or roadblocks the republican elected officials or special interests try to put in our way. >> because the u.s. supreme court shot down the larger $440 billion plan in one chunk, the president has been trying to find ways to add it up in pieces. this particular program requires that people paying student loans only pay 10% of their income after housing and food costs. the president lowered that percentage to 5%.
in cost. according to the penn wharton budget model one plan focused on income driven repayment of student loan debt with ties the monthly payments to the amount of money you make will cost a lot more. the group writes we estimate the newly proposed income driven repayment plan will cost between $333 to $361 billion over the 10-year budget window. more than twice as much as the cost estimate released by the biden administration. these costs are in addition to the one-time cost of direct loan forgiveness that we previously estimated at $469 billion. as the biden administration tries to approve billions of forgiveness in the name of pandemic house republicans are accounting for the money already spent in the name of covid relief and where it went. >> we want to know what is the extent of the waste? what has this administration done to try to claw back any
Our annual Fiscal Outlook publication gives our office’s independent assessment of the California state budget condition for the upcoming fiscal year and over the longer term. In this report, we anticipate the state will have a $25 billion budget problem to solve in the upcoming fiscal year and operating deficits declining from $17 billion to $8 billion over the multiyear period. The goal of this report is to help the Legislature begin crafting the 2023‑24 budget. Our analysis relies on specific assumptions about the future of the state economy, its revenues, and its expenditures. Consequently, our estimates are not definitive, but rather reflect our best guidance to the Legislature based on our professional assessments as of November 2022.
for many americans and extend a pause on payments to january, that according to three people familiar with the plan. biden, as you know, has faced pressure from liberals to provide much broader relief to hard-hit borrowers and also faced a bit of pressure from moderates and republicans who question the fairness of any widespread forgiveness which would, they argue, force blue collar workers and those americans who didn't have the chance to go to college, didn't make the choice to go to college, to pick up the tab for, let's say a bunch of philosophy majors from boden college. we estimate according to penn warden that forgiving federal college student loan debt will cost between 300 billion and nearly a trillion dollars, 980 billion over the ten year budget window depending on program details. the debt in the top 60% of the income distribution meaning a lot of folks who make a lot of money will be impacted.
what -- that "wall street journal" piece from editorial board. the headline says about that deficit reduction, even cbo says all the savings or five years out. sure they are. that's what they say. on wednesday the congressional budget office said the first four years through 2,026, it will increase the deficit by $22.2 billion. over ten years it would reduce the deficit by nearly $101.5 billion. those savings in the out years as congress likes to call the far end of the budget window, are almost certainly fictitious. richard. >> listen. i think we have to wait to see what happens. there's one part of this bill i disagree with jason where it goes directly the pockets of the american people and that has everything to do with decreasing the price of prescription drugs for seniors. as an issue that both democrats and republicans have debated for weeks, months, years on end, and finally in this bill you'll cap the price that seniors are paying for their insulin. some of the seniors are in my family, they are in jason's family, they are in your family, shannon, in fact they're spending two, three, four,
we've got a whole bunch of other sound bites from a whole bunch of other people who were on a bunch of the other sunday shows but we've got like a minute left so let me just play senator graham on with chris wlals on fox news, what he had to say about whether it's hypocrisy, what is this about, tax cuts versus build back better. just watch. >> what chris psaki is saying and other democrats are saying is when president trump and you -- >> what's that got to do with anything. >> let me just finish, passed the 2017 trump tax cut, that wasn't a lie. >> no, what happens is you can't go beyond ten years in terms of the budget window. we voted knowing that cutting taxes we believed was good. joe manchin if you were watching, you were right, joe. you got this right. it is a lie. it's 4.9 trillion not 1.75
i don't -- taxpayer. i don't like spending more money than we did in world war ii, and that's what we're doing right now. this bill, build back better, is $a 5 trillion. it's not 1.75. it will add $3 trillion to the deficit. when they tell you the bill is paid for, they're lying. when nancy pelosi brought it to the house with a cbo score of 1.75, it was a lie. when she said it was 300 billion to the deficit -- chris: sir, respectfully, what jen psaki and a lot of democrats are saying is that when president trump and you -- >> what's that got to do with anything? chris: senator, half the 2017 trump tax cut, that was a lie. it wasn't paid for. >> no. what happens is you can't go beyond ten years in terms of the budget window. we voted knowing that cutting taxes, we believed, would be good. i never said that cutting taxes -- i voted for cutting taxes. i'm against expanding the government. they're telling you it doesn't cost anything, chris. well, the cbo says it cost $3
could use budget gimmicks within the budget, with the budget operating process that they can bring a $4.3 trillion bill down to a $1.5 trillion bill by just changing the sunsetses and years and when it phases in. but if they keep those same policies, in fact, it may only be a $1.5 trillion bill for a year to two years, but, in fact, over a ten-year budget window it could cost $6-7 trillion. so when representative jayapal says it's all about the policies and not the numbers, she wants to keep everything that's within the current $4.3 trillion bill but just change the sunset so it's only one or two years and phase it in over a period of time so that they actually get a $7-8 trillion bill which is actually much worse than whats it is right now. griff: take me, congressman, to tuesday and this expected vote. how will your fellow republicans approach this, and how will you
somewhere in manchin's range is what of the policy priorities are they willing to sacrifice and how? is it means testing? is it limiting the amount spent? is it lessening the budget window? those are huge discussions to have on any one component. but we're going to have them on four or five or six or even eight components. >> a key factor is shortening the duration of the bill making it a five-year bill not a ten-year so therefore you cut in half the amount of money. joe crowley, have we seen president biden as a real facilitator, mediator, you know, getting it done? or has he been laying back and letting nancy pelosi corral these folks? >> i think there is a lot behind the scenes going on. we saw it last night at the baseball game. a lot of discussions going on. i think there is back and forth. maybe not as public as we would like to see. but i think that the president has a role to play and will play
to do that you gotta fit into this budget window. is the expectation that notwithstanding the phaseout and so on, all of these will ultimately not be repealed ever in the just continue to grow and once they grow and start. guest: absolutely, social security or medicare. paul, one of the entitlements is prekindergarten. that does phaseout under the budget window and can there be one the american public out there trying to follow this who does not believe that pre-k entitlement is permanent. like the rest of these entitlements and that being the case, when those moments arrive and they have to be reappropriated, the pressure will be certainly the republicans are anyone in congress to reappropriated all of these entitlements. they just will be continued permanently so no matter how much budget window they are putting on these ten years or