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 Democrats make push for western Michigan seat that’s long been a GOP stronghold
Maryland ballot measure aims to eliminate the state’s last GOP-held House district
Trump sidelines sweeping Russia sanctions as GOP allies warn pressure on Putin is slipping
Trump pushback, Biden ‘disaster’ and gender surprise: 5 key moments from Kansas Senate debate
Michigan Senate race draws presidential-level star power in final stretch
Antifa supporter charged with stealing GOP campaign signs in NY race to replace Stefanik
Supreme Court blocks use of student IDs as voter identification in New Hampshire
Blanche won’t rule out DOJ blocking election certification in ‘doomsday’ scenario
Utah man charged with attempted hate crime after alleged threat to ‘blow up’ synagogue
Trump invokes Defense Production Act to boost US fuel refining capacity at Iowa rally
‘I basically snapped’: New Jersey mayor charges at resident during chaotic council meeting
Old Social Media Post Comes Back to Haunt Virginia Democrat After She’s Arrested on Drug Trafficking Charges
New York Democrat Accused of Attacking Opponent’s Mother Inside Bathroom: ‘Not Fit to Serve’
White House Wants Karoline Leavitt’s Help Finding New Press Secretary After Katie Zacharia Disaster
Watch: Socialists and Democrats Trigger Chaotic Brawl in European Nation’s Parliament
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.
