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.
Beloved 75-year-old math teacher found dead inside Baltimore elementary school
FBI arrests alleged MS-13 member accused in El Salvador pastor’s killing
EXCLUSIVE: ICE says El Paso detention facility will stay open under new contractor after $1.2B deal scrapped
WATCH: NYC terror suspect allegedly seen purchasing fireworks fuse days before attack
Michigan man found guilty of killing wife whose body was discovered in fertilizer tank
Sen. Hyde-Smith set for November clash with Dem foe she once vanquished
9th Circuit upholds first grader’s free speech rights in ‘black lives matter’ drawing case
Special election replacing Marjorie Taylor Greene goes to runoff between Trump-endorsed candidate and Democrat
Trump Says Family Bible from His Mother Has a Powerful Revival Connection
Speaker Johnson touts Trump’s agenda as crucial blueprint ahead of midterms: ‘On the ballot’
Brett Kavanaugh Fires Back as Ketanji Brown Jackson Gets Hostile While Two Share Stage at Event
After Daughter Is Allegedly Killed by Illegal, Mom Opens Victim’s Bible and Finds Incredible Surprise Note
DOJ blasts ‘partisan’ DC Bar complaint against senior Trump official
Trump Appoints Erika Kirk to Board Position Previously Held by Charlie
Fox News Poll: Voters expect AI to transform our lives — but today is not that day
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.
