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 WarrenCuba spells trouble for Bass's VP hopes Democrats want Biden to debate Trump despite risks Overnight Defense: Embattled Pentagon policy nominee withdraws, gets appointment to deputy policy job | Marines, sailor killed in California training accident identified | Governors call for extension of funding for Guard's coronavirus response MORE (D-Mass.), a top-tier 2020 presidential candidate. 

Warren and House Majority Whip Jim ClyburnJames (Jim) Enos ClyburnClyburn: Biden needs VP pick who has 'a lot of passion' Jim Jordan presses Fauci on protests, COVID-19 This week: Congress set for bipartisan coronavirus talks as clock ticks 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 SandersCuba spells trouble for Bass's VP hopes Trump Spanish-language ad equates progressives, socialists Biden's tax plan may not add up 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 OmarTrump campaign rolls out TV spots in early voting states after advertising pause Trump adviser Jason Miller: Biden running mate pick 'his political living will' 'Squad' member Rashida Tlaib faces strong primary challenger MORE (D-Minn.) and Pramila JayapalPramila JayapalMatt Stoller: Big tech House grilling the most important hearing on corporate power since the 1930s Hillicon Valley: House panel grills tech CEOs during much anticipated antitrust hearing | TikTok to make code public as it pushes back against 'misinformation' | House Intel panel expands access to foreign disinformation evidence Five takeaways as panel grills tech CEOs MORE (D-Wash.).