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.
House Dem’s graphic chicken decapitation ‘horrified’ her college roommates: ‘Blood went everywhere’
What Republicans do, and don’t, want to hear from Trump at State of the Union
Cruz calls Newsom ‘historically illiterate,’ posts clown emoji after governor fires back
Oil-Rich California Relies on Fuel Imported from the Bahamas as Gas Prices Surge
Trump says ‘this is a Democrat shutdown’ as he touts low inflation, falling murder rate
Teen killed after protecting friends in ‘senseless’ shootout as locals raise alarm over rising crime in Bronx
Trump withholds endorsement for Texas Senate GOP primary
Thune guarantees voter ID bill to hit the Senate despite Schumer, Dem opposition: ‘We will have a vote’
Swalwell’s ‘I should be working’ gym, pool videos resurface as Dem rival hammers his missed House votes
Anderson Cooper announces 60 Minutes departure amid CBS shake-ups
Oregon Could Vote to Ban Hunting and Fishing – Proposed Law Would Classify Both as Cruelty to Animals
Tom Emmer blasts Democrats’ double standard on SAVE Act: ‘They require photo IDs’ at their own DNC
GOP reaches key 50-vote threshold for Trump-backed voter ID bill as Senate fight looms
At least two dead after ‘targeted’ shooting at Rhode Island hockey game
Indiana school secretary charged after husband finds her with student, probe reveals affair with another: cops
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.
