Warren introduces bill to cancel student loan debt for millions

A bill that would wipe out nearly all U.S. student loan debt was introduced Tuesday by Sen. Elizabeth WarrenElizabeth Ann WarrenWarren warns Facebook may help reelect Trump 'and profit off of it' Martin Luther King Jr.'s daughter knocks Zuckerberg for invoking her father while defending Facebook Overnight Health Care — Presented by National Taxpayers Union — House Dems advance drug pricing bill | Cases of vaping-related lung illnesses near 1,500 | Juul suspends sales of most e-cigarette flavors MORE (D-Mass.), a top-tier 2020 presidential candidate. 

Warren and House Majority Whip Jim ClyburnJames (Jim) Enos ClyburnDemocrats gauge support for vote on impeachment inquiry Nancy Pelosi is ready for this fight Young insurgents aren't rushing to Kennedy's side in Markey fight MORE (D-S.C.) in June first announced the bicameral legislation to forgive up to $50,000 in loan debt for those with a total household income below $100,000. 

Debtors with between $100,000 and $250,000 in total household income would have less of their debt eliminated.

Clyburn and Warren said "The Student Loan Debt Relief Act" would end the student debt crisis and lessen the racial wealth gap.

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"My very first bill when I got to the Senate was legislation to tackle the growing student debt crisis because I was sick of Washington allowing the wealthy to pay less, while burying tens of millions of Americans in mountains of student loan debt. Since then, Washington has only allowed this crisis to get worse — especially for people of color. Enough is enough," Warren said in a statement Tuesday.  

"Post-secondary education should be the springboard to enable students to achieve their dreams not the impediment that prevents the realization of those goals," Clyburn added. 

The bill would provide automatic cancellation using data already available to the federal government regarding household gross income and outstanding student loan debt. 

It would not treat canceled debt as taxable income. 

Warren's Senate colleague and Democratic primary opponent Sen. Bernie SandersBernie SandersWarren raised more money from Big Tech employees than other 2020 Democrats: Report Krystal Ball reacts to Ocasio-Cortez endorsing Sanders: 'Class power over girl power' Saagar Enjeti praises Yang for bringing threat of automation to forefront at Ohio debate MORE (I-Vt.) in June announced a plan to cancel $1.6 trillion in student debt, following Warren's announced plan. 

Sanders's plan would wipe out student debt for all, whereas Warren's student debt forgiveness plan is capped at household incomes of $250,000. 

Sanders and Warren, both in the top of the crowded 2020 field, are two of the most progressive candidates seeking the nomination. 

Sanders's plan is backed by Reps. Ilhan OmarIlhan OmarKrystal Ball reacts to Ocasio-Cortez endorsing Sanders: 'Class power over girl power' The Hill's Morning Report - Tempers boil over at the White House Krystal Ball on Sanders debate performance: 'He absolutely hit it out of the park' MORE (D-Minn.) and Pramila JayapalPramila JayapalOvernight Health Care — Presented by National Taxpayers Union — House Dems advance drug pricing bill | Cases of vaping-related lung illnesses near 1,500 | Juul suspends sales of most e-cigarette flavors Warren faces tougher sell with 'Medicare for All' Overnight Health Care — Presented by National Taxpayers Union — Buttigieg targets Warren, Sanders on health care ahead of debate | Judge overturns ObamaCare transgender protections | Poll sees support drop for 'Medicare for All' MORE (D-Wash.).