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

Updated 12 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 10 a.m. ET: 31,361,979 — Total deaths: 965,642— Total recoveries: 21,528,674Map.
  2. U.S.: Total confirmed cases as of 10 a.m. ET: 6,859,117 — Total deaths: 199,911 — Total recoveries: 2,615,949 — Total tests: 95,841,281Map.
  3. Health: The CDC's crumbling reputation — America turns against coronavirus vaccine.
  4. Politics: Elected officials are failing us on much-needed stimulus.
  5. Business: Two-thirds of business leaders think pandemic will lead to permanent changes — Wall Street fears stimulus is doomed.
  6. Sports: NFL fines maskless coaches.

Mitt Romney says he'll support moving forward with Supreme Court pick

Photo: Greg Nash/AFP/Pool via Getty Images

Mitt Romney announced Tuesday that he would support moving forward with a Senate vote on President Trump's selection to replace the late Supreme Court Justice Ruth Bader Ginsburg.

Why it matters: Barring any big surprises, Democrats have virtually no shot at stopping the confirmation process for the president’s nominee before November’s election.

Trump says he will announce Supreme Court pick on Saturday

Photo: Mandel Ngan/AFP via Getty Images

President Trump tweeted Tuesday that he plans to announce his Supreme Court pick on Saturday.

Why it matters: Republicans are moving fast to replace the late Justice Ruth Bader Ginsburg, which would tilt the balance of the high court in conservatives' favor and have lasting impact on climate policy, immigration and the Affordable Care Act. Judge Amy Coney Barrett, who met with the president this week, is a frontrunner for the job.

Get Axios AM in your inbox

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Subscription failed
Thank you for subscribing!