On 8/25/2022, Joe Biden White House Press Secretary Karine Jean-Pierre said that President Joe Biden’s economic record is “second-to-none” while touting his “fiscal responsibility.” A reporter asked how much Biden’s plan to forgive certain student loans would cost. “The President’s record on fiscal responsibility is second-to-none, and last year alone — you’ve heard us talk about this because this is incredibly important — he achieved $350 billion in deficit reduction, and this year it’s projected by the end of the fiscal year to be at $1.7 trillion deficit reduction,” Jean-Pierre replied. “This is historic. What we’re talking about here is historic numbers because of the work that this president has done when it comes to the economy,” she added.
Q: So that matters more than keeping the deficit lower by by increa- — including something that would offset whatever the cost might become?
MS. JEAN-PIERRE: We don’t — yeah, I mean, look, we don’t believe that it’s going to increase the deficit.
Q: How could it not?
MS. JEAN-PIERRE: Because — because what we’re saying is the $1.7 trillion — right? — is — we’ve done the work — right? — to lower the deficit.
Also, $50 billion per year is going to go back —
Q: But that $50 billion was — was already — I mean, it’s — already was there.
MS. JEAN-PIERRE: Yeah, but we were getting —
Q: It was already coming in. I mean, there was a pause, but —
MS. JEAN-PIERRE: No, but we were — but we were — we were getting zero. The Treasury was getting zero for the last two years.
Q: For the last two years, but — right —
Q: But they still owed that money
Q: — but they still owed that money.
Q: The money was still —
MS. JEAN-PIERRE: No, no — I know. I understand that. I get — I get what you’re saying. But there’s also — the argument that I’m making as well is that we’re putting money back into the Treasury, which matters as well. That — that is going to happen.
Q: And I’m not trying to make a judgment on which is better or not. I’m just trying to understand, I think as some of my colleagues are —
MS. JEAN-PIERRE: Yeah. Yeah.
Q: — if what you guys are saying here is basically the President has made the determination that helping people with their debt is important enough and, in your words, “matters”, enough to spend what could be, you know, estimates of $3-, $4-, $500 billion, you know, without — you know, without explicitly saying where that money is coming from, and that that will, you know, obviously — and that you’re willing to use the — the deficit savings that you have claimed to do that.
And I guess that’s — I just —
MS. JEAN-PIERRE: Yeah.
Q: That’s what I’m trying to understand.
MS. JEAN-PIERRE: No, and I’m trying to explain to you how it will offset — how all of this would be offset once the pause is — is lifted and, also, once this process with the student loan is also done.
So there is — there is a — there is a process here — right? — that is, we believe, going to offset that. Right?
Q: I thank my colleagues for —
MS. JEAN-PIERRE: Okay. I know. All right. All right.
Well, I’m glad — I’m glad that I’ve exhausted you, Michael. That is rare to exhaust you. (Laughter.)
Q: My phone didn’t go off this time, so that’s good.
MS. JEAN-PIERRE: I know. Usually, you don’t get exhausted.
Q: Back on student loans, I wanted to ask you — Congressman Tim Ryan and Senator Bennet were among Democrats that have made the point that the administration should have further targeted the student relief and proposed a way to pay for the plan. What does the administration say to — particularly, like, to Congressman Ryan’s point that waiving debt for those already on a trajectory to financial security sends the wrong message to Americans?
And I was also hoping you can talk to us — give us perhaps a little bit of color: To what extent were cop- — consultations made with particularly Democrats who had some misgivings and wanted to see this more fixed towards lower-income Americans?
MS. JEAN-PIERRE: So let’s — just a couple of things, because you asked me a bunch of things there, Aamer. So, first of all, this was a campaign promise that the President made, as we all know, during the campaign back in 2020. And he had — he had wanted to make sure that he gives that — a little bit of breathing room — to Americans who really need it.
https://facebook.com/HygoNewsUSA/videos/759038411996669/
WH: paused $50B new or was already there? Biden’s ‘Fiscal Responsibility Is Second-To-None’; I’ve exhausted you.