Sanders to propose canceling $1.6 trillion in US student debt

Sen. Bernie SandersBernie SandersFive things to watch in Tuesday's primaries Nina Turner responds to Cornel West's remarks about George Floyd COVID-19 pandemic will shrink economy by trillion in next decade: CBO MORE (I-Vt.) will reportedly unveil a bill Monday calling on all $1.6 trillion worth of U.S. student debt to be eliminated.

The Washington Post reports Sanders will propose the legislation Monday along with progressive Reps. Ilhan OmarIlhan OmarAmash readying legislation allowing victims to sue officers Democrats call for Congress to take action following death of George Floyd Black Caucus member unveils bill to create commission addressing legacy of slavery MORE (D-Minn.) and Pramila JayapalPramila JayapalExpanding tax credit for businesses retaining workers gains bipartisan support House punts on FISA, votes to begin negotiations with Senate Democrats press OSHA official on issuing an Emergency Temporary Standard MORE (D-Wash.), who is co-chair of the Congressional Progressive Caucus.

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The proposal from Sanders adds to the debate over how to address the country’s mounting student debt crisis, as other 2020 Democratic presidential candidates have proposed their own plans.

Sanders’s plan calls on the federal government to completely clear the student debt of 45 million Americans while also calling for public universities, community colleges and trade schools to be tuition-free.

The proposal calls for the absolving of student debt for undergrad and graduate students.

A Wall Street tax that would reportedly raise more than $2 trillion over the course of 10 years would pay for the bill.

“This is truly a revolutionary proposal,” Sanders said, according 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.”

Sanders’s plan is more comprehensive than those of other presidential contenders, notably Sen. Elizabeth WarrenElizabeth WarrenGeorge Floyd's death ramps up the pressure on Biden for a black VP Judd Gregg: Biden — a path to the presidency, or not Vogue's Anna Wintour urges Biden to pick woman of color for VP MORE (D-Mass.), who earlier this year submitted the first major policy plan aimed at tackling student debt, calling for $640 billion in debt forgiveness.

Sanders is set to present the legislation Monday morning, the campaign announced in an email release.