The Biden administration's plan for student loan forgiveness has been identified as a significant cause of the projected federal budget deficit surge, according to the latest findings from the Congressional Budget Office. Recent estimates indicate a substantial 27% increase in the nation's debt by the conclusion of fiscal year 2024, a stark contrast to predictions made earlier this year in February. The report attributes this surge primarily to the administration's efforts to alleviate the burden on student loan borrowers. The report highlights that the majority of the predicted deficit increase in 2024 is influenced by several key factors that amplify projected expenditures. Among these factors, a $145 billion upsurge in anticipated outlays for student loans primarily arises from adjustments made by the administration to the estimated subsidy expenses of previously issued loans and the proposed rule changes aimed at reducing the loan balances of many borrowers. Additionally, analysts overseeing the federal finances have emphasized that foreign aid provisions will further drive the US deeper into debt. "The most substantial contributor to the accumulating rise in deficits was the integration of recently enacted legislation into CBO's baseline, resulting in an additional $1.6 trillion to the envisioned deficits," the report states. This legislation encompassed emergency supplemental appropriations, allocating $95 billion for assistance to Ukraine, Israel, and nations in the Indo-Pacific region. Senator Rand Paul expressed regret over the findings and criticized his peers who supported aid to Ukraine. "Who should be held accountable for these record deficits?" he queried. "Democrats? Republicans? Indeed, especially the advocates of big government who authorized nearly $200 billion for Ukraine." Senator Tom Cotton echoed Paul's sentiments, stating, "Joe Biden's rescue plan not only negatively impacts ordinary Americans but is also weighing down our economy. This initiative by Joe Biden was always nothing more than a political maneuver, regardless of the actual toll it takes on those who fulfill their financial obligations."