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White House cuts 2023 US deficit forecast after student loan forgiveness struck down
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WASHINGTON (Reuters) — The White House on Friday revised its fiscal 2023 U.S. budget deficit forecast to $1.543 trillion, a decrease of $26 billion from its March budget forecast, due largely to a major reduction in outlays after the U.S. Supreme Court struck down President Joe Biden's student loan forgiveness program.
The Office of Management and Budget said in its Mid-Session Review update that the student loan decision would reduce outlays by $259 billion, offset slightly by an increase in spending due to rule changes for income-driven repayments.
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