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.
Wife of former Gov Terry McAuliffe jumps into crowded Dem congressional primary race
Hawley introduces bill to strip FDA approval from ‘inherently dangerous’ abortion pill
Gene Simmons tells celebrities ‘shut the f*** up’ about politics
Developing: FBI Took Terabytes of Arizona Election Data After Reviewing ‘Alarming’ Report Citing Opened Pallets Full of Blank Ballots
Starmer was warned about ‘reputational risk’ of Peter Mandelson’s Epstein ties, files show
Foreign-backed group serves as bridge between GOP and Russia-friendly Europeans
Trump ally Clay Fuller advances in Georgia fight for MTG’s former seat
DOJ leader swats back DNC election security suit, mocks demands as kid’s ‘tooth fairy’ wish list
Thune Signals SAVE Act Is Dead in the Senate – If You Skip Voting in Primaries, You Own a Share of the Blame
Former Kentucky cheerleader indicted on manslaughter charge after newborn son found dead in closet
Sheriff running Nancy Guthrie case responds after report reveals unseemly exit from first policing job
Three cargo ships damaged by ‘projectiles’ in Strait of Hormuz
US Moves Against Iranian Mine Ships, Sinks Over a Dozen: Reports
Texas conservatives tout record-breaking school choice signups after long battle with teachers unions
Scott moves to bypass teachers unions, send federal school funds straight to parents if classrooms close
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.
