Bernie Sanders calls for canceling $1.6 trillion in student loan debt
By John Whitesides WASHINGTON (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.
By John Whitesides
WASHINGTON (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)
This story has not been edited by Firstpost staff and is generated by auto-feed.
Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.
By Rajendra Jadhav MUMBAI (Reuters) - India said on Sunday it was considering granting an emergency authorisation for a COVID-19 vaccine, particularly for the elderly and people in high-risk workplaces, as the country's number of reported infections passed 4.75 million. India, which has consistently reported over 1,000 COVID-19 deaths daily this month, has now recorded 78,586 fatalities from the disease. It lags only the United States globally in overall number of infections, but it has been adding more daily cases than the United States since mid-August
BERLIN (Reuters) - Germany's Christian Democrats were set for an election win in the western state of North Rhine-Westphalia on Sunday, an exit poll showed, but their share of the vote shrank, denting state premier Armin Laschet's ambitions to succeed Chancellor Angela Merkel. Laschet, who is positioning himself as the continuity candidate to succeed Merkel, had hoped to increase the Christian Democrats' share of the vote in the local elections to boost his standing ahead of a December party leadership showdown
By Marco Aquino LIMA (Reuters) - A bid by the opposition-led Congress to remove Peruvian President Martín Vizcarra appeared to falter on Sunday, after key political leaders rejected the ouster over fears the upheaval would plunge the country into a political crisis. César Acuña, head of the second-largest party in Congress and a possible candidate in 2021 presidential elections, said an ouster would "aggravate" the country's current situation, already fragile from the impact of the coronavirus crisis. Acuña's party had given key votes last Friday to start impeachment proceedings against Vizcarra over leaked audio tapes some lawmakers said showed the president trying to downplay ties to a singer being probed over government contracts