Sen. Bernie Sanders (I-VT) on Monday will propose legislation canceling all $1.6 trillion worth of U.S. student debt, according to a report.
The 2020 White House contender will unveil the bill alongside Congressional Progressive Caucus co-chair Rep. Pramila Jayapal (D-WA) and Rep. Ilhan Omar (D-MN), per the Washington Post. The plan goes further than a signature proposal by Sen. Elizabeth Warren (D-MA) as the two jockey for support from the party’s progressive base in the Democrat presidential primary.
Sanders’ effort on student loans, entitled the College For All Act, would cancel $1.6 trillion of debt, claiming to save the average borrower roughly $3,000 a year. It is estimated to cost a staggering $2 trillion and be paid for by a series of “Wall Street” taxes on such things as stock trades, bonds, and derivatives, according to the proposal.
Grady Judd puts parents on notice over TikTok teen takeovers: ‘We’re gonna come lock you up too’
NYC Mayor Zohran Mamdani releases audit accusing federal immigration agents of misleading tactics
Republicans get ‘aggressive’ in fight to win top cop spots in battleground states
Georgetown Cupcake keg-throwing suspect turned in by his own father after recognizing surveillance footage
Trump Admin Order Could Force Hundreds of Thousands of Foreigners to Leave the US
Trump Abruptly Cancels Plans to Attend Son’s Wedding, Heading Straight Back to DC
FBI launches ‘fittest agent’ competition for field offices
Warren torched over ‘my kind of man’ praise for Platner after death-wish post for wounded veteran resurfaces
Trump administration orders green card applicants to leave the US, apply from their home countries
Breaking: Tulsi Gabbard Resigning from Trump Administration
Wasserman Schultz makes bid for new district after Cherfilus-McCormick resignation
Dale Earnhardt Jr. Explains How He and Kyle Busch Overcame Their ‘Challenging Existence’ in Heartfelt Message
Dem candidate who called for imprisoning ‘Zionists’ blames her own party, media for backlash
As China tensions loom, US temporarily pauses Taiwan weapons sales due to Iran war, acting Navy secretary says
Trump Celebrates ‘Total Jerk’ Colbert’s Official Cancellation, Shares Brutal Farewell Message: ‘He’s Finally Gone!’
Warren’s plan, which she has suggested in a Medium post, will be introduced as legislation, would be paid for by imposing a 2 percent fee on fortunes greater than $50 million, a wealth tax designed to target the nation’s top 0.1 percent of households. Warren projects the levy would raise $2.75 trillion over 10 years, enough to pay for a universal child-care plan, free tuition at public colleges and universities, and student loan debt forgiveness for an estimated 42 million Americans — with revenue left over.
By forgiving all student debts, Sanders said the proposal addresses an economic burden for 45 million Americans. The key difference is that Warren’s plan considers the income of the borrowers, negating $50,000 in debt for those earning less than $100,000 per year and affecting an estimated 42 million people in the U.S.
“This is truly a revolutionary proposal,” Sanders said in a statement to the Post. “In a generation hard hit by the Wall Street crash of 2008, it forgives all student debt and ends the absurdity of sentencing an entire generation to a lifetime of debt for the ‘crime’ of getting a college education.”
Story cited here.
