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Sen. Elizabeth Warren. Photo: Drew Angerer/Getty Images

Sen. Elizabeth Warren’s latest big 2020 idea: A $640 billion student loan debt cancellation, funded by a tax on the rich.

Why it matters: Student loan debt is becoming a top 2020 political issue, testing candidates on how to keep Americans' student loan debt from further increasing. Warren wants to finance the proposal, like many of her others, with her "ultra-millionaire tax," she wrote in a Medium post on Monday.

By the numbers: Warren's plan would eliminate all federal and private student loan debt for more than 75% of the 45 million Americans who currently hold loans. It also would include universal free public college.

  • Every person with a household income under $100,000 would be eligible for $50,000 in debt forgiveness — those above that threshold would lose $1 of debt forgiveness for every $3 more they earn.
  • Those whose household income is more than $250,000 do not qualify for any forgiveness.
  • The plan would also create a fund of at least $50 billion to aid historically black colleges and universities.

Go deeper: Debt-free college: Where the 2020 presidential candidates stand

Go deeper

Biden names Erika Moritsugu as senior AAPI liaison

Erika Moritsugu. Photo courtesy: National Partnership for Women & Families

President Biden has named Erika Moritsugu as deputy assistant to the president and Asian American and Pacific Islander senior liaison, the White House announced Wednesday.

Driving the news: The decision follows weeks of pressure from AAPI leaders to include more Asian American representation at the Cabinet level and in senior administration roles.

Matt Gaetz targets CNN in new ad amid sexual misconduct claims

Rep. Matt Gaetz in Doral, Florida, last week. Photo: Joe Raedle/Getty Images

Rep. Matt Gaetz (R-Fla.) announced Wednesday a six-figure ad buy for a spot that takes aim at CNN as part of an offensive to hit back at mounting sexual misconduct allegations, Politico first reported.

Driving the news: Gaetz is under federal investigation following sex trafficking allegations, and the House Ethics Committee has also opened an inquiry. Announcing the 30-second ad, to run in his Florida Panhandle district, Gaetz called on his Twitter followers to "help us fight back!"