White House officials say Joe Biden chose to fund the Student Loan Relief Plan with the nation’s deficit spending. Deputy director of the National Economic Council Bharat Ramamurti said, “We’re on track for $1.7 trillion in deficit reduction this year…1.7 trillion more dollars are coming into the Treasury than are going out. And we’re using a portion of that…to provide relief to middle-class families, consistent with the president’s plan.” Brian Riedl, a senior fellow in economics at the center-right Manhattan Institute, said, “The analogy is a family going into debt for a $100,000 medical emergency, and the next year buying a $50,000 sports car and claiming that it’s ‘free’ because they are no longer spending $100,000 per year on the medical emergency.”
