On 8/26/2022, Fox News reporter Jacqui Heinrich asked White House National Economic Council Deputy Director Bharat Ramamurt, “Republicans & critics are saying is that there’s a difference between those decisions being voted on by Congress &…those loans…to cover businesses that were shut down by the govt…vs. students who willfully took out their loans…There is a difference there.” Ramamurti claims no difference between PPP law, unilateral debt cancelation. He reiterated the White House’s past position that the plan “pays for itself.”

He also said, “No Price Increases In July,” which just isn’t true. He noted, “Our estimate is that the debt relief proposal will reduce average annual receipts in the student loan program by about $24 billion a year over the next 10 years. So the way to think about this is that, because we are providing debt relief, reducing the outstanding balance for some people, eliminating it for other people, that means we’re not going to be collecting a certain amount of payments that we otherwise would have been collecting,” he explained. Ramamurti added, “for context,” $24 billion “represents 1.5% of the deficit reduction that we are projecting for this fiscal year before the announcement, and it is far less than the $350 billion plus that we’ve already done in PPP loan forgiveness since last July.”

“This is paid for and far more by the amount of deficit reduction that we’re already on track for this year,” Ramamurti stated. “We’re using a portion of that, a very small portion of it, to provide relief to middle-class families consistent with the president’s plan.” Bharat Ramamurti, Warren’s 2020 head of economic policy, joined the White House National Economic Council as deputy director.

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WH: no difference between Gov shut down business PPP loan & students willfully took out loan， fair to cancel loan for $250K married couple