Sen. Bernie Sanders Bernie SandersThe Hill's Campaign Report: Trump faces backlash after not committing to peaceful transition of power Bernie Sanders: 'This is an election between Donald Trump and democracy' The Hill's 12:30 Report: Trump stokes fears over November election outcome MORE (I-Vt.), a top-tier 2020 presidential candidate, rolled out legislation on Monday to cancel $1.6 trillion in outstanding student debt for 45 million borrowers.

The legislation, which is being co-sponsored by Reps. Ilhan Omar Ilhan OmarOmar fires back at Trump over rally remarks: 'This is my country' Trump attacks Omar for criticizing US: 'How did you do where you came from?' Democrats scramble on COVID-19 relief amid division, Trump surprise MORE (D-Minn.) and Pramila Jayapal Pramila JayapalHillicon Valley: Subpoenas for Facebook, Google and Twitter on the cards | Wray rebuffs mail-in voting conspiracies | Reps. raise mass surveillance concerns Bipartisan representatives demand answers on expired surveillance programs DHS opens probe into allegations at Georgia ICE facility MORE (D-Wash.), a co-chair of the Congressional Progressive Caucus, also calls for public universities, community colleges and trade schools to go tuition free.

The bill will also propose absolving student debt for undergrad and graduate students.

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A Wall Street tax, which would include taxes on stock transactions, bond trades, and derivatives transactions, will pay for the legislation by collecting $2 trillion over a decade.

"During the financial crisis, Wall Street received the largest taxpayer bailout in American history. Now it is Wall Street’s turn to help rebuild the disappearing middle class," Sanders tweeted on Monday.

During the financial crisis, Wall Street received the largest taxpayer bailout in American history. Now it is Wall Street’s turn to help rebuild the disappearing middle class. #CancelStudentDebt — Bernie Sanders (@SenSanders) June 24, 2019

News of the legislation was first reported by The Washington Post on Sunday.

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Sanders's presidential primary opponent and fellow progressive Sen. Elizabeth Warren Elizabeth WarrenHillicon Valley: Subpoenas for Facebook, Google and Twitter on the cards | Wray rebuffs mail-in voting conspiracies | Reps. raise mass surveillance concerns On The Money: Anxious Democrats push for vote on COVID-19 aid | Pelosi, Mnuchin ready to restart talks | Weekly jobless claims increase | Senate treads close to shutdown deadline Democratic senators ask inspector general to investigate IRS use of location tracking service MORE (D-Mass.) announced legislation earlier this month to wipe out nearly all student loan debt in the country.

Warren's plan would forgive up to $50,000 in student loan debt for anyone with a total household income below $100,000.

Through Warren's plan, a wealth tax would pay for debt forgiveness.

The two senators' plans to combat student debt could be targeted at the progressive wing's generally young base, grappling with student debt.