Calif. Congressman Is Optimistic About Bipartisan Student Loan Bill in Pelosi's House
*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."
Alex Gangitano, White House Correspondent for The Hill, joined Cheddar to discuss the chaos surrounding democrats in congress as they try to advance President Biden's agenda.
Kathy Mulvey, the Accountability Campaign Director for the Union of Concerned Scientists, joined Cheddar News to break down Thursday's congressional hearing on climate change with big oil executives and lobbyists.
Carlo and Baker cover Facebook's big rebrand, the latest on Biden's economic agenda and more. Plus, ranking the best Halloween candy and the worst couple's costumes.
As President Joe Biden heads to Europe for the G20 and the United Nations COP26 climate meeting, he has announced a new $1.75 trillion spending framework. Senate Democrats are reportedly close to agreeing on passing the legislation, but it hangs in the balance as President Biden and other world leaders will meet at COP26 and Biden looks to proclaim the U.S. a leader on climate issues. Vox Senior Reporter Rebecca Leber joins Cheddar News' Closing Bell to discuss the $555 billion worth of clean energy initiatives Biden included in the framework, and how Democrats' continuing negotiations undermine U.S. climate leadership.
Christopher Romaka, advocacy lead at Good Counsel Services, explains how the non-profit is still working to get Afghan refugees out of the country, which fell to the Taliban back in August.
Dems race for a deal on President Biden's economic agenda ahead of his big foreign trip. What to make of the latest threat assessment in Afghanistan. Plus, the meme cryptocurrency of the moment that's now worth more than many Fortune 500 companies.
The U.S. has now joined a handful of countries that allow a gender designation other than 'male' or 'female' on passports. Chris Johnson, White House Reporter for the Washington Blade, joined Cheddar to discuss.
