Supreme Court’s student loan decision will lower US deficit according to new White House projection

By FATIMA HUSSEIN
Associated Press

WASHINGTON (AP) — The Supreme Court ruling that upended President Joe Biden’s plan to forgive student loan debt changed his budget math. As a result, the White House is modestly lowering the projected deficit for this year. It expects to pare back $259 billion in spending that otherwise would have gone to erasing student loans. That contributed to lowering the expected red ink for this year from $1.569 trillion to $1.543 trillion. The Office of Management and Budget’s Mid-Session Review was released Friday. It represents the first time the administration has projected the impact of the high court’s June decision on student loan repayment.