The president will also call for a reduction in prescription drug prices.
The move benefits those enrolled in the government's Saving on a Valuable Education (SAVE) plan.
Previous moves to relieve student debt have been stymied by the Supreme Court.
President Biden said at a political fundraiser that China was in “trouble” because its growth has slowed.
“It's been coming for 11 months, well guess what? I don't think it is going to come,” he added.
The proposed deal would cut $10 billion from an $80 billion budget increase for the Internal Revenue Service.
President Biden will nominate Danny Werfel, a former acting chief of the IRS, as the agency's commissioner.
White House economic adviser Brian Deese said the nation's strong labor market should help stabilize the economy.
The White House sought credit for surging jobs gains.
Some deficit hawks have expressed concern that broad relief would worsen inflation.
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