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.
Pennsylvania Dem Gov. Josh Shapiro sides with state supreme court ruling not to count certain mail-in ballots
Biden staffers disrupt lame-duck period with new round of protest about Israel
Senate GOP initiates Thune-engineered slow down as Schumer looks to stack judicial votes
Biden ‘wandering off’ into Amazon rainforest goes viral
TSA intercepts loaded handgun found in flight crew member’s carry-on at DC-area airport
Pro-Palestinian Activist Convicted of Murdering American and Israeli Has Been Released from Prison Despite Never Regretting Killings
Trump nominates former Rep. Sean Duffy as transportation secretary
Election Integrity Win: Swing State Supreme Court Drops Huge Ruling, Making Top Democrat’s Loss Even Worse
Trump nominates former Wisconsin Rep. Sean Duffy for Secretary of Transportation
Austin Theriault’s campaign requests recount in Maine House race
Trump campaign official says Pennsylvania Dems will face jail time over ballot recount
Fox News Politics: Trump border czar pick fires back at House Dem critic
Transgender women to be banned from Capitol Hill female bathrooms under new House GOP proposal
MTA board approves Democrat Gov. Hochul’s massive NYC congestion pricing toll reboot
Dem AZ Attorney General Drops Investigation Into Trump’s Comments About Cheney and Guns
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.
