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.
Pence leaves door open to 2028 White House run, issues stark warning to GOP after midterm disaster
Couple accused of killing registered sex offender in pre-planned stabbing in Arizona desert
Newsom reveals when he’ll decide on 2028 White House bid amid growing speculation
DHS touts highest ICE deportations in history, as Mullin says agency has been ‘unleashed’
Dan Patrick concedes Texas ‘turned purple’ after Democrats’ historic blue wave
Van Hollen challenges Schumer for Senate leadership after Democratic election sweep
‘They Still Do That?’: Watch Greta Thunberg Laugh Hysterically at Climate Activists She Ditched for Gaza
Texas man executed for beheading 3 children: ‘Going to be with my kids’
Sick Tattoos, Raised in Mosques – Man Accused of Murdering NYC Jogger Was Reported Multiple Times, but Left in Place Over Racism Fears
Sharia Law, Human Trafficking, and Modern-Day Slavery: When Religious Authority Becomes a License to Enslave Women
Even Stephen A. Smith is Fed Up with Dems’ Hegseth Impeachment Shenanigans: ‘Exactly What We Don’t Need’
So Much for Affordability: Dem Garcia Explicitly Threatens Stephen Miller with Lawfare on CNN
Revenge: Democrats Target Top Trump Fundraiser and Get Hit With Powerful Reply
The GOP knives are out for Trump Commerce Secretary Howard Lutnick
Arnold Schwarzenegger Tells Far-Left Jimmy Kimmel He is ‘Absolutely’ a Republican, Calls Obamacare ‘Bogus’
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.
