Sanders proposes canceling $1.6 trillion in US student debt

Sen. Bernie SandersBernie Sanders2020 Democrats react to 'send her back' chants at Trump rally Cardi B posts message of support for Ilhan Omar #IStandWithIlhan trends after crowd at Trump rally chants 'send her back' 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 OmarAmash responds to 'Send her back' chants at Trump rally: 'This is how history's worst episodes begin' McConnell: Trump 'on to something' with attacks on Dem congresswomen Sally Yates: Moral fiber of US being 'shredded by unapologetic racism' MORE (D-Minn.) and Pramila JayapalPramila JayapalProgressive House Democrats describe minimum wage hike as feminist issue in Teen Vogue column The Hill's Morning Report - Trump seizes House impeachment vote to rally GOP Here are the 95 Democrats who voted to support impeachment 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. 

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. 

Sanders's presidential primary opponent and fellow progressive Sen. Elizabeth WarrenElizabeth Ann WarrenNew CDC overdose estimates are nothing to celebrate 2020 Democrats react to 'send her back' chants at Trump rally Democratic Houston councilwoman announces Senate bid 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.