Inflation remains high and tax increases are a great way to fight it.
In total, more than 45 million Americans owe a combined $1.7 trillion in federal student debt.
While the move is "likely," it would also be a "terrible" time for the government to be cutting stimulus checks, an economics professor said.
For the October-November period, the U.S. budget deficit amounted to $356.4 billion, a 17 percent decrease from the same period in 2020.
The budget could possibly pass through the upper congressional chamber without needing approval from any of the Senate's 50 Republican members.
Rep. Ro Khanna is among those who have hit back at the Congressional Budget Office report on the impact of a higher minimum wage.
Some economists took issue with the "misleading" report, released on Monday by the Congressional Budget Office.
"This support from the federal government must be large and sustained until the pandemic is under control and Americans can resume normal work," a former chairman of the Council of Economic Advisers said.
"Federal debt, which is already high by historical standards, is on an unsustainable course, projected to rise even higher after 2029," said Congressional Budget Office director Phillip Swagel.
"Some would work fewer hours; others would leave the labor force or remain unemployed longer," the report says.
The deficit is at its lowest level since 2008.
The report suggests that insurance cost increases under Obamacare may not be as severe as predicted by Republican opponents