Loading
Breaking
Now Reading: WORTH OVER A TRILLION | Bernie Sanders calls for canceling student debt
WORTH OVER A TRILLION | Bernie Sanders calls for canceling student debt
June 25, 2019 , 04:33 PM

By John Whitesides

JUNE 24, 2019 (Reuters) — U.S. presidential contender Bernie Sanders proposed a plan on Monday to cancel $1.6 trillion in student loans and pay for it with a tax on Wall Street, elevating the issue in the 2020 debate and going beyond proposals from his Democratic White House rivals.

Sanders, an independent U.S. senator from Vermont, said his plan would wipe out college debt for 45 million Americans and be funded with a tax on stock, bond and derivatives transactions that would raise about $2.2 trillion over 10 years.

The proposal builds on Sanders’ longstanding call to make public universities and colleges tuition-free, an issue he has highlighted since his first presidential run in 2016. He said student loan debt was economically crippling young Americans.

“This proposal completely eliminates student debt in this country and ends the absurdity of sentencing an entire generation, the millennial generation, to a lifetime of debt,” Sanders said at the unveiling of his U.S. Senate bill.

“The American people bailed out Wall Street. Now, it is time for Wall Street to come to the aid of the middle class of this country,” he said.

Other liberal Democrats, including presidential rivals Elizabeth Warren and Julian Castro, have taken up the call and proposed smaller student-debt cancellation plans.

Warren has proposed canceling $50,000 in student loan debt for anyone with annual household income under $100,000 and give substantial cancellation to those between $100,000 and $250,000. She proposed paying for the plan with a tax on wealthy families.

The Sanders proposal comes two days before the first debates involving candidates seeking the Democratic nomination for the right to challenge Republican President Donald Trump in November 2020. Ten candidates each will meet in back-to-back debates on Wednesday and Thursday nights in Miami, Florida.

Sanders appeared at a news conference with U.S. Representatives Ilhan Omar and Pramila Jayapal, who joined him in proposing the legislation.

(Editing by Bill Berkrot)

More From News5
Libreng cr at wifi
Niligdaan ni Pres. Rodrigo Duterte ang batas para magkaroon ng maayos na palikuran ang mga transport terminals.
Published On: June 25, 2019
Nagsorry kay Pres. Duterte
Humingi ng paumanhin kay Pres. Rodrigo Duterte ang kapitan ng F/B Gem-Ver 1 na kabilang sa mga inabandona sa laot ng mga Chinese. | Romel Lopez
Published On: June 25, 2019
'Black money scam'
Natangayan daw ng P10-milyon ang lalaking nabiktima ng scam. | Marianne Enriquez
Published On: June 25, 2019
U.S. Pres. Trump reelection bid
Sinimulan na ni Trump ang kampanya para sa 2020 elections.
Published On: June 25, 2019
Parangal kay Eddie Garcia
Itinanghal na best actor si Manoy sa 2019 Gawad Urian.
Published On: June 25, 2019
Matinding training ni Pacman
Alam na umano ng kampo ni Manny Pacquiao ang kahinaan ng makakalaban niyang si Keith Thurman.
Published On: June 14, 2019
Girian sa protesta sa Hong Kong
Tinututulan ng libu-libong raliyista ang extradition bill na layong malitis sa mainland China ang mga suspek mula sa Hong Kong.
Published On: June 14, 2019
Lumubog na bangka sa Recto bank
Sakay nito ang 22 Pilipino nang mabangga ng hinihinalang Chinese fishing vessel sa West Philippine Sea.
Published On: June 14, 2019
WOTD | Contempt of Court
Alamin ang iba't ibang termino sa usapang legal kasama si Atty. Mel Sta. Maria
Published On: June 14, 2019
Laban para sa anak
Nagpatulong ang ginang na mabawi ang kanyang anak sa dati niyang nobyo.
Published On: June 14, 2019
Top Stories
REROUTING | Selected roads closed for #SONA2019
JULY 21, 2019 — Vehicles that usually plow through the entire stretch of Commonwealth Avenue are directed to take an alternate route when Preside
Published On: July 21, 2019
TWO BREAKFASTS, ONE SPEAKER | Lawmakers will attend two separate meetings to discuss House leadership before SONA
JULY 21, 2019 – If the plan pushes through, Taguig City Rep. Alan Peter Cayetano will sit as House Speaker of the 18th Congress on Monday. Se
Published On: July 21, 2019
NEEDS TO REST HIS EYES | Pacquiao to skip 4th SONA, opening of 18th Congress
July 21, 2019 – Newly crowned WBA Welterweight Champion and Senator Manny Pacquiao will skip the fourth State of the Nation Address (SONA) of
Published On: July 21, 2019
PINOY PRIDE | Pacquiao reaps praises for victory over Thurman
JULY 21, 2019 — Fighting senator Manny “Pacman” Pacquiao receives praises as the Pambansang Kamao brings home another belt. Pacquiao
Published On: July 21, 2019
#SONA2019 | How is ‘Build, Build, Build’ doing so far?
By Gerard dela Peña JULY 19, 2019 — President Rodrigo Duterte has repeatedly said he will usher in the “golden age of infrastructure”
Published On: July 21, 2019