Sanders proposes canceling $1.6 trillion in US student debt

Sen. Bernie SandersBernie SandersPoll: Bloomberg stalls after Vegas debate Prominent Texas Latina endorses Warren Bloomberg campaign: Vandalism at Tennessee office 'echoes language from the Sanders campaign and its supporters' MORE (I-Vt.), a top-tier 2020 presidential candidate, rolled out legislation on Monday to cancel $1.6 trillion in outstanding student debt for 45 million borrowers. 

The legislation, which is being co-sponsored by Reps. Ilhan OmarIlhan OmarIlhan Omar accuses Meghan McCain of trafficking in 'anti-Muslim smears and hate speech' Sanders wins endorsement of top Muslim group Omar endorses progressive Georgia Democrat running for House seat MORE (D-Minn.) and Pramila JayapalPramila JayapalBand Portugal. The Man to join Sanders at campaign event in Tacoma Bloomberg builds momentum on Capitol Hill with new endorsements House Democrats' immigration bill would use tax dollars to import crime to America MORE (D-Wash.), a co-chair of the Congressional Progressive Caucus, also calls for public universities, community colleges and trade schools to go tuition free. 

The bill will also propose absolving student debt for undergrad and graduate students. 

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A Wall Street tax, which would include taxes on stock transactions, bond trades, and derivatives transactions, will pay for the legislation by collecting $2 trillion over a decade. 

"During the financial crisis, Wall Street received the largest taxpayer bailout in American history. Now it is Wall Street’s turn to help rebuild the disappearing middle class," Sanders tweeted on Monday. 

 

 

News of the legislation was first reported by The Washington Post on Sunday. 

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Sanders's presidential primary opponent and fellow progressive Sen. Elizabeth WarrenElizabeth Ann WarrenPoll: Bloomberg stalls after Vegas debate Bloomberg unveils billboards to troll Trump ahead of campaign stops John Legend joining Warren in South Carolina next week: report MORE (D-Mass.) announced legislation earlier this month to wipe out nearly all student loan debt in the country. 

Warren's plan would forgive up to $50,000 in student loan debt for anyone with a total household income below $100,000.

Through Warren's plan, a wealth tax would pay for debt forgiveness. 

The two senators' plans to combat student debt could be targeted at the progressive wing's generally young base, grappling with student debt.