White House press secretary Karine Jean-Pierre said Thursday that President Joe Biden’s economic record is “second-to-none” while touting his “fiscal responsibility.”

A reporter asked how much Biden’s plan to forgive certain student loans would cost during Thursday’s press briefing.

“The President’s record on fiscal responsibility is second-to-none, and last year alone — you’ve heard us talk about this because this is incredibly important — he achieved $350 billion in deficit reduction, and this year it’s projected by the end of the fiscal year to be at $1.7 trillion deficit reduction,” Jean-Pierre replied. “This is historic. What we’re talking about here is historic numbers because of the work that this president has done when it comes to the economy,” she added.

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Jean-Pierre said the cost of the plan would depend on how many loans are canceled and repaid, and how many borrowers take advantage of the opportunity. She also cited a report from Goldman Sachs that reportedly said the President’s plan to cancel student debt would have “no meaningful impact” on inflation. (RELATED: FLASHBACK: Pelosi Said Biden Doesn’t Have Power To Cancel Student Debt. Now Calls Move ‘Bold’)

Goldman Sachs, Morgan Stanley and Bank of America said the impact of Biden’s plan will likely be insignificant, according to Fortune.

Domestic Policy Advisor Susan Rice said Wednesday that “numerous experts affirm that restarting paused loan payments at around the same time as we provide targeted debt relief will not have any meaningful effect on inflation.”

Jean-Pierre claimed Wednesday that the money taken in by the resumption of student loan repayments in January will offset the cancelation of the loans and “could actually be deflationary.”

Not everyone agrees, however. CNBC’s Andrew Ross Sorkin said Thursday that “there is no way to look at this [plan to cancel student debt] and say it is not going to make things harder for the Federal Reserve and for government to try to bring down inflation.”