*By Justin Chermol*
The daunting task of paying back astronomical student loans may soon be less taxing, California Congressman Scott Peters tells told Cheddar Tuesday.
Rep. Peters (D-Calif.) has received 99 co-sponsors on his bipartisan Employer Participation in Repayment Act, which would allow employers to contribute to their employees' student loan payments, tax-free.
"The idea is this: if you go to work for a company, they can pay off up to $5,250 of your student loans in a year without it being income to you, so it's not taxable to you," Peters told Cheddar's J.D. Durkin.
"If you talk to any young person about ... the big thing on their mind: it's student loan debt. They're not buying a house, they're not getting a car, they're living with their parents, all because they have this burden."
According to a recent [report](https://www.federalreserve.gov/publications/files/consumer-community-context-201901.pdf) from the Federal Reserve, the rise in student loan debt from 2005 to 2014 has contributed to a decline in home ownership.
Nearly one in four American adults are paying off student loans. That amounts to over 44 million citizens who hold collectively almost $1.5 trillion in student debt.
"The average debt now, out of a public university: $30,000 for each kid," Peters said.
Peters also said that the bill could benefit the employer as well ー as educated talent will be attracted to jobs that offer this tax-free incentive.
Peter said he feels good about the bill's chances of at least making it to the House floor for a vote.
"I am more optimistic about that in this Congress with Mrs. Pelosi, rather than Mr. Ryan. I think that we are likely to deal with this issue in a serious way," Peters said. "That's the first step."
President Joe Biden is proposing a plan to raise the Medicare tax on high-income Americans and push for additional drug price negotiations to fund the program through 2050.
Boy Meets World star Ben Savage has officially announced his plans to run for Congress in the seat currently occupied by Rep. Adam Schiff, D-Burbank, who is now running for the seat of outgoing U.S. Sen. Dianne Feinstein.
If measures of the U.S. economy keep coming in hot, as they did in January, the Federal Reserve will likely have to raise interest rates even higher than it has already signaled — and keep them there longer — Chair Jerome Powell will likely warn in testimony to Congress on Tuesday.
Gov. Josh Shapiro says Norfolk Southern has pledged several million dollars to cover the cost of the response and recovery in Pennsylvania after last month’s derailment.
Federal agriculture officials are proposing a new rule that would clarify the meaning of meat labels that say foods are “Made in the USA.”
Researchers have uncovered a network of tens of thousands of fake Twitter accounts created to support former President Donald Trump and attack his critics and potential rivals.
Gunmen kidnapped four U.S. citizens who crossed into Mexico from Texas last week to buy medicine but were caught in a shootout that killed at least one Mexican citizen, U.S. and Mexican officials said Monday.
Senate Intelligence Committee Chair Mark Warner, D-Va., has introduced a bill setting down a plan for banning foreign technology such as video-sharing app TikTok.
Railroad unions report that workers for Norfolk Southern who were present at the derailment and chemical spill site in East Palestine, Ohio, have been falling ill.
The House Ethics Committee announced is launching an investigation into embattled Republican Rep. George Santos.
