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

President Joe Biden speaks at Auburn Manufacturing Inc., in Auburn, Maine, Friday, July 28, 2023, before he signs an executive order to encourage companies to manufacture new inventions in the United States. changed his budget math, modestly lowering the projected deficit for this year, his budget office reported Friday.

The White House expects to pare back $259 billion in spending that otherwise would have gone to erasing student loans. This contributed to lowering expected red ink this year under Biden’s budget plans from $1.569 trillion to $1.543 trillion. The Office of Management and Budget's Mid-Session Review represents the administration's first recalculations of the loan program since the court'sThe court decision initially was expected to reduce the deficit by $400 billion. But a portion of that money will instead be used to pay for a smaller income-driven loan repayment program that goes into effect this summer, according to the report.that offers some of the most lenient terms the government has ever offered borrowers.

Looking ahead to 2024, the report projects that inflation will continue to decline and the unemployment rate will average 3.8% for the rest of the year. Unemployment is expected to hit 4.4 % in 2024, then decline over the rest of the 10-year budget window to an annual average of 3.8%.

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