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.
Schumer says he’s not going anywhere, but his own candidates aren’t ready to back him
Mamdani demands Trump release illegal immigrant shot by ICE agent as protests erupt in the Bronx
Personal attacks, Israel, and terrorism define Michigan’s caustic Senate debate
ABC News Targets Trump Family, But Has to Immediately Delete False Story – Was Off by Billions of Dollars
California Medical Breakthroughs Bring In Hundreds of Millions While the Very Same Industry Suffers Substantial Job Loss
Evil Among Us: Watch as Satanic Prayer Opens City Council Meeting, But One Brave Man on Camera Refuses to Go Along
Mike Johnson Snags Record-Breaking Fundraising Haul to Power Republicans Into Midterm Homestretch
Federal grand jury hears evidence in probe of former Trump aide Cassidy Hutchinson’s Jan 6 testimony: source
Michigan Senate debate erupts into personal attacks as Rogers, El-Sayed clash over Israel, Iran and more
El Sayed dodges question on whether Israel or Iran poses greater threat to US: ‘Both of them have proven dangerous in their own way’
Letitia James Hit with 52-Count ‘Indictment’ from Her Republican Opponent
Fauci raved about China but fumed at Trump in diary
Arizona man arrested after allegedly emailing White House bomb threat to Tucson news station
Bombshell: New Text from Cornell Rape Accuser Contains 4 Case-Killing Words – ‘Our Body Our Choice’ – Media Omits Them All
Logan Federico’s dad says criminals have become ‘more important’ than victims, pushes repeat offender registry
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.
