Virginia Foxx: “I have had enough with the Biden Department of Education's utterly dishonest accounting tricks. The Department of…”

“I have had enough with the Biden Department of Education's utterly dishonest accounting tricks. The Department of Education's 2022 financial statement doesn't have a leg to stand on. KPMG, an independent auditor, stated that there were material weaknesses in the department's estimates regarding how much the Biden administration's student loan debt relief plan would cost. The Biden administration claims that its plan would cost $30 billion annually over 10 years, but this is assuming that the Department of Education has properly estimated the participation numbers. According to KPMG, the Department has no evidence behind these numbers, and these numbers matter a lot. If these numbers are off by just 10 percent, then the cost of Biden's program would rise to $400 billion according to the Congressional Budget Office. Folks in the Biden Education Department need to go back and learn some math. At worst, the department is trying to hide the true cost to taxpayers of these debt bailout schemes. At best, the department is practicing shoddy accounting again. Either way, this is a completely irresponsible way to govern such a major program. It is obvious to anyone paying attention that the department hasn't learned anything from its past mistakes. It was assumptions like this that got our student loan systems into this mess in the first place.…”