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.
DeSantis announces plans to use new state law to target dozens of alleged terrorist groups
Acting AG Todd Blanche says Newsom’s DOJ claims are not ‘grounded in fact’
Mexican national sentenced in border child smuggling case involving THC-laced candy
Virginia officer placed on administrative leave after malicious wounding charge tied to off duty incident
Two arrested at Costco after alleged fraudulent credit card shopping spree
Russian missile attack on Kyiv collapses apartment building, trapping residents
Wild video captures apartment complex electrical room explosion as firefighters investigate smoke call
Two People Climb to the Top of Empire State Building Antenna, Fly Banner with Message
Coalition of 25 states sues Trump admin over Medicaid work rule designed to prevent fraud
Internal emails expose how July 4th bash is being derailed by Dem-run county: ‘Offensive’
Michelle Obama Went ‘Absolutely Ballistic’ and Blocked RFK Jr.’s Wife Cheryl Hines from Appearing in New Show: Report
Walz, Minnesota Board of Pardons clears convicted illegal alien child sex offender facing deportation
Trump Takes First Flight on New Air Force One: ‘Nobody’s Ever Seen Anything Like It’
Kamala Harris Privately Consulting with Zohran Mamdani and Other Radical Leftists as She Maneuvers for 2028: Report
UPDATE: Mitch McConnell Was Found Unconscious at Home by Paramedics Before Being Hospitalized in Most Recent Health Scare
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.
