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.
Second suspect arrested after NYC snowball fight sends 2 police officers to hospital
DOJ quietly closes autopen investigation targeting Biden and aides
Top Trump ally Steve Daines exits Montana Senate race, plans to retire
GOP senators tangle with Noem during heated hearing on her handling of deportation surge
Unearthed video shows Dem candidate supporting ‘reallocation’ of police funding to social service programs
Popular Far-Left Streamer Advises Suicide Bombers to Switch to Drones for Terror Campaigns
Perfect Justice: We’re Raining Destruction on Iran Using a Suicide Drone They Designed But We Perfected
BREAKING: Senate Rejects Dems’ War Powers Resolution Trying to Tie Trump’s Hands on Iran
DHS defends McLaughlin against allegations husband’s company profited millions from ad contracts: ‘Baseless’
Rep. Tony Gonzales admits to affair with staffer who died by suicide: ‘Lapse in judgment’
Minnesota AG Keith Ellison Feels the Heat During Fraud Hearing in DC: ‘You Should Go to Jail’
FBI spox unleashes on media’s ‘transparent spin job’ that recent firings were ‘devastating’ to Iran work
Pam Bondi faces bipartisan subpoena over frustration with DOJ’s release of Epstein files
Pritzker Tries to Laugh Off Bill Clinton’s Under Oath Statement That Illinois Governor Traveled with Epstein
Developing: FBI Investigating as Mystery ‘Holocaust 2.0’ Messages Make Their Way to Stanford Students
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.
