Manchin: Biden $500B student loan handout 'excessive'
Manchin told reporters Tuesday that he 'respectfully disagrees' with student loan handout
Biden’s student loan handout teaches a ‘very bad trend’ to Americans: Dr. Ben Carson
Former Housing and Urban Development Secretary Dr. Ben Carson weighs in on raging rent prices and Biden’s student loan handout on ‘Varney & Co.’
Sen. Joe Manchin, D-W.Va. called President Biden's student loan forgiveness initiative "excessive."
Manchin on Tuesday told reporters, "I just respectfully disagree on that."
Biden's student loan forgiveness package is estimated to cost around $500 billion, and the White House says they will pay for it with deficit spending.
STUDENT LOAN HANDOUT: WALL STREET JOURNAL ROASTS BIDEN'S ‘INFLATION EXPANSION ACT’
Sen. Joe Manchin, D-W.Va., speaks to reporters in the Hart Senate Office building in Washington, D.C., on Aug. 1, 2022. (Anna Moneymaker/Getty Images / Getty Images)
Biden announced last month that he will cancel $10,000 of federal student loan debt for certain borrowers making less than $125,000 per year, and up to $20,000 for Pell Grant recipients, while extending the pause on federal student loan payments through the end of the year.
Manchin recalled past consultations with constituents who were struggling with student loan debt, telling reporters that he would suggest federal employment to those looking to get on top of repayments.
"I think there’s other ways. When people were calling me from back in West Virginia, I would give them all the options they had that would reduce their loan by going to work in the federal government," Manchin said Tuesday.
President Biden speaks about inflation and supply chain issues in Los Angeles. (AP Photo/Damian Dovarganes / AP Newsroom)
AMERICANS ALREADY REACTING TO BIDEN'S STUDENT LOAN HANDOUT PLAN: 'HIGHLY SUSPICIOUS'
The nation's federal student debt now tops $1.6 trillion after ballooning for years.
More than 43 million Americans have federal student debt, with almost a third owing less than $10,000 and more than half owing less than $20,000, according to the latest federal data.
According to a Penn Wharton Budget Model, a one-time maximum debt forgiveness of $10,000 for borrowers who make less than $125,000 will cost around $300 billion for taxpayers.
Demonstrators rally in front of the White House to celebrate President Biden canceling student debt on Aug. 25, 2022. (Paul Morigi/Getty Images for We the 45m / Getty Images)
CLICK HERE TO READ MORE ON FOX BUSINESS
Republicans criticized the Biden administration's decision immediately, with Republican National Committee Chairwoman Ronna McDaniel calling it "Biden's bailout for the wealthy."
"As hardworking Americans struggle with soaring costs and a recession, Biden is giving a handout to the rich," McDaniel said. "Biden's bailout unfairly punishes Americans who saved for college or made a different career choice, and voters see right through this short-sighted, poorly veiled vote-buy."
GET FOX BUSINESS ON THE GO BY CLICKING HERE
FOX Business' Brooke Singman contributed to this report.