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.
Trump contrasts ‘tough’ Vance to ‘velvet’ Rubio during Board of Peace meeting
GOP rips FISA court for tapping ex-Biden ‘disinformation’ lawyer to advise on surveillance
Hunter Biden’s former ‘sugar brother’ lawyer drops big money on Swalwell’s campaign: ‘Biggest cheerleader’
Watch: DC Water Manager Admitted Deciding Agency Had Too Many Whites – DEI Fixed That But Also Covered DC in 240 Million Gallons of Raw Sewage
BREAKING: Former Prince Andrew Arrested in Epstein Case
DC Mayor Bowser declares emergency over Potomac sewage spill, asks for federal help
RNC sues to stop Democrats’ Virginia redistricting push
California avalanche that killed 8 is deadliest in state history
Inside ICE’s battle with local Democrats to convert warehouses into detention centers
Former Prince Andrew of the UK has reportedly been arrested and more top headlines
Strapped New Yorkers swarm chaotic Mamdani-inspired free grocery store pop-up: We’re ‘in pain’
Trump hits campaign trail in key battleground as race to replace Marjorie Taylor Greene heats up
Is DEI Dead? Jasmine Crockett’s Texas Senate Run Seems Like an Afterthought Following Colbert’s James Talarico Stunt
LATE BREAKING: Massive Guthrie Kidnapping Break – FBI Now Has Names and Photos of Suspects
Hiker dies of hypothermia after slipping off trail near summit of New York’s tallest mountain
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.
