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.
Fact Check: Did Bad Bunny Feature Viral 5-Year-Old Liam Ramos in Super Bowl Halftime Show?
DHS urges Newsom to honor ICE detainers after federal agent assaulted while arresting illegal alien at jail
Supreme Court Justice Alito says ‘things are so different’ since Scalia’s death
Clinton Judge Responds to California’s Attempts to Unmask ICE Agents
Trump thanked Florida police for Epstein probe in 2000s, flagged ‘evil’ Ghislaine Maxwell: FBI doc
Progressive backed by Sanders, AOC pulls off upset ballot box shocker in Democratic congressional primary
US Skier Lindsey Vonn Reveals Extent of Her Injuries After Brutal Crash Ends Her Olympics — And Possibly Career
Who Would Have Guessed? Transit Agency in Cold-Weather State Buys EV Buses, Can’t Use Them in Freezing Cold
Embattled labor secretary has history of questionable spending that eluded Congress
Two snowmobilers in Wyoming killed in separate accidents
What to know about Tuesday’s House hearing on foreign influence in American nonprofits: ‘Follow the money’
Hawley targets Minnesota fraud, CCP-linked money at Senate hearing: ‘Taxpayers robbed blind’
Final Deadline Passes: Sheriff’s Department Chasing ‘New Leads’ in Nancy Guthrie Case
Brown University shooting victim ‘froze’ when detectives showed her image of suspect, police report shows
‘Only Trump-endorsed candidate’: Burt Jones flexes MAGA muscle after Georgia gubernatorial shake-up
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.
