Senator Judd Gregg Increasingly Involved in Deficit Reduction Talks

The Hill has an informative article today on how former chair of the Senate Budget committee, former Senator Judd Gregg (R-NH) is increasingly involved in helping sway Republicans to go for a comprehensive, bipartisan deficit reduction plan. Gregg, a member of the Simpson-Bowles Fiscal Commission, and someone who voted in favor of the plan, told The Hill that he hopes to "offer any assistance to reinvigorate" the Simpson-Bowles plan. 

Gregg is attempting to get a comprehensive deal done and is trying to urge members of each party to get something done now. The viable vehicle going forward, he says, is Simpson-Bowles:

“I do genuinely believe the Simpson-Bowles commission is the only viable [blueprint] out there that is bipartisan and substantive.”

We at CRFB are pleased that Senator Gregg is involved in these negotiations and helping lead the Senate towards a comprehensive debt deal. But it's not just ex-Senators who can get involved. Ordinary citizens as well can join the push for putting our budget on a sustainable path. Click here to learn more.

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Recent Student Loan Actions Forgo $5 Billion in Repayments

The Department of Education announced last week a six-month extension of automatic forbearance to all borrowers enrolled in the SAVE income-driven repayment plan while it is being challenged in courts, adding that they will forgive any unpaid accrued interest during that time. We estimate that the Department of Education is forgoing roughly $500 million of repayments per month, meaning that this extension would result in $3 billion in forgone payments, bringing the total amount up to $5 billion. Importantly, much of those payments will instead be paid later, and so the net cost would be some fraction of that $5 billion.

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