SCOTUS just shaved $300 billion off the deficit ... on paper

The U.S. Supreme Court’s decision to strike down President Joe Biden’s student debt relief would claw back more than $300 billion in costs associated with the program that were recognized last year, marking a major reduction in this year’s deficit – at least on paper.

The court ruled 6-3 on Friday that Biden’s unilateral decision to offer up to $10,000 to $20,000 in one-time student debt forgiveness to couples earning up to $250,000 had exceeded presidential legal authority to grant such relief without the consent of Congress. The debt relief program had been blocked by the legal challenges that led to the Supreme Court’s decision.

[That money never got spent or “forgiven,” so the actual savings are zero. On paper, however, the Biden administration had already accounted for the outlay. Technically, this makes the Supreme Court far better at deficit reduction than Joe Biden. — Ed]