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.
‘Have You Called 911?’ Tommy Tubberville Shares Details on Lindsey Graham’s Tragic Final Moments
Watch: Today They’d Call This White Supremacist, Christian Nationalist Propaganda – In the 1980s It Was a Typical Razor Ad
These states are ‘ahead of the game’ in bringing down home prices, Trump’s housing chief says
Trump to shrink 2 Utah national monuments by 90%
Deputy US Marshal fatally shot while serving arrest warrant in Louisiana
Dog accidentally turns on toaster, sparking Maryland house fire that killed 3 family pets
Hegseth announces joint task force with DOJ to prosecute leaks to journalists ‘with the full force of the law’
Mamdani offers few answers as massive homeless encampment sprouts in west Manhattan
Historic Video: US Deployed First-Ever Sea-Based Drones to Blow Apart Submarine and Ship Facility in Iran
What to know about Darline Graham Nordone, South Carolina’s newest senator
Democrats running to replace Platner in key Senate race call for ICE to be ‘abolished’
Breaking: Trump to Address the Nation This Week in Prime-Time Comments
Trump-backed Daylight Saving Time bill clears key House hurdle
Maine ICE shooting victim was not target of arrest warrant, Sen. King’s office says after earlier DHS account
Top economists and AI leaders warn of ‘unprecedented transformation’
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.
