President Joe Biden’s unilateral plan to cancel up to $20,000 of student debt for certan borrowers will bust the federal budget, send historically high inflation rocketing still higher, and saddle taxpayers with up to $600 billion dollars in new debt, budget watchdogs and GOP lawmakers are warning.

A Wharton study estimates that Biden’s plan will cost about $300 billion in taxpayer funds. The Committee for a Responsible Federal Budget put the estimated cost of the cancellation plan between $400 and $600 billion.

When factoring in the student loan payment moratorium during the pandemic, the organization estimated that Congress has spent “between $700-$900 billion on student debt cancellation and relief since the start of the pandemic.”

“This announcement is gallingly reckless — with the national debt approaching record levels and inflation surging, it will make both worse,” said CRFB President Maya MacGuineas.