Asked specifically if the administration had a better idea of the overall price tag for the program, Jean-Pierre began her response by saying “the President’s record of fiscal responsibility is second to none” before detailing a list of his financial accomplishments . But he never gave an estimate of how much the project might cost. “All of this in terms of cost will also depend on how much of the canceled loans were actually expected to be paid off, will depend on how many borrowers take advantage of that opportunity before we really know,” he said. Throughout the briefing, the press secretary was pressed on the numbers. He argued that the administration did not believe the move would increase the deficit because “of the $1.7 trillion … we’ve done the job right to reduce the deficit” — referring to an administration forecast of how much the federal deficit to shrink in fiscal year 2022 — and “$50 billion a year will return” to the Treasury once student loan repayments begin in December. He argued that the Treasury had “been at zero for the past two years” as repayments had stopped, but on Wednesday National Economic Council deputy director Bharat Ramamurti said about $2 billion a month was still being repaid by borrowers during the pause, compared to $6 billion a month normally. The White House offered a stronger defense of its student loan cancellation plan on Twitter, calling out GOP critics who had forgiven Paycheck Protection Program loans. “Rep. Marjorie Taylor Green had $183,504 in PPP loans forgiven,” said a White House tweet in response to the Georgia Republican’s criticism of the Biden plan. “Congressman Matt Gaetz had $482,321 in PPP loans forgiven,” another wrote in response to similar complaints from the Florida lawmaker. The White House tweeted similar responses to criticism from GOP Reps. Mike Kelly of Pennsylvania, Vern Buchanan of Florida, and Markwayne Mullin and Kevin Hern of Oklahoma. Asked Thursday if the administration would eventually release a cost estimate, Jean-Pierre said “the Department of Education will take the lead.” Asked why the President waited so long to make his decision to cancel the debt, she said Biden “wanted to do it in a fiscally balanced way. And there was this legal review… We wanted to make sure the legal review was done.” .” But pressed on how it could be fiscally responsible without an estimate of the public cost and no details of how the plan would be paid for or who would pay for it, Jean-Pierre insisted the administration “does not see this as irresponsible”. “We don’t see that as irresponsible,” he said. “We see this as a fiscally responsible, balanced approach to doing this. I remember people saying, ‘Why don’t you do $50,000?’ We don’t want to do that because we want to make sure we do it in a fiscally responsible way. Again , not to please everyone, but making sure we deliver on that promise, but also do it in a smart, fiscally responsible way.” Ramamurti had explained more to CNN’s Phil Mattingly on Wednesday about the difficulty of providing a top number. He said that without knowing how many borrowers sign up, it would be difficult to know the total cost. “That plays a big part in what the cost will be,” he said. But beyond that, he said other factors made it difficult to provide a firm number. He said there are different estimates of bankruptcy rates, which will affect the total amount. He added that providing relief would also generate additional tax revenue if those who benefit start small businesses or buy houses. This story has been updated with additional information on Thursday. CNN’s Paul LeBlanc contributed to this report.
