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The Congressional Budget Office released a report Tuesday concluding that the Democrats' proposal to raise the minimum wage would reduce poverty but also cost the economy jobs, providing fodder to both sides of the aisle.

President Joe Biden's plan to forgive $10,000 in federal student debt for most borrowers will cost the government about $400 billion, the nonpartisan Congressional Budget Office said in an estimate released Monday.

The CBO’s evaluation of the administration's policy said the price tag is "a result of the action canceling up to $10,000 of debt issued on or before June 30, 2022."

The White House has touted an economic recovery in the U.S. ahead of the midterm elections, even as many Americans remain underwater economically.

The White House published a 58-page “economic blueprint” in September touting the fastest job recovery in 40 years, the creation of 3.7 million jobs and the unemployment rate standing at a near-50-year low of 3.7%. The report noted that this

Congress’s nonpartisan scorekeeper said it would complete its analysis of Democrats’ roughly $2 trillion education, healthcare and climate package on Thursday, opening the door to the House approving the bill as soon as this evening.

The expected estimates from the Congressional Budget Office have been central to Democrats’ efforts to pass the legislation in the House. A group of five