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.
Philadelphia teachers partner with organization under congressional investigation for terrorism ties
Democrats target ‘vulnerable’ Republican senators ahead of high-stakes health care showdown
New Jersey’s medically assisted suicide law only covers state residents, appeals court rules
ICE accuses Dem lawmaker of joining ‘rioting crowd’ in Arizona, interfering in mass arrest
Trump rips Indiana GOP leader over redistricting fight, warns Republicans could face ‘MAGA primary’
Human skull, other remains found in bushes by Brooklyn’s Coney Island as investigators work to unravel mystery
Trump administration establishes militarized zone in California: “Strengthen border security operations”
Trump admin weighs terrorism sanctions against UN Palestinian aid agency over Hamas allegations
Ukrainian woman charged over Russian-backed cyberattacks; $10M reward offered for others
Walz urges Noem to ‘reassess’ immigration enforcement strategy in Minnesota after alleged citizen arrests
Obama surprises Chicago students in Santa hat for holiday library storytime reading session
Activist group hits federal judge with judicial misconduct complaint for attending Trump rally
Elite College Football Program Rocked, Head Coach Fired in Salacious Scandal
Former music teacher allegedly groomed and had inappropriate relationship with teen student
Democrat Notches Party’s First Win in Decades in Major Red State Mayor’s Race
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.
