Senate Republicans unveiled a new version of their $4.2 trillion tax cut package, moving closer to a vote as they near a July 4 deadline set by President Donald Trump.The new draft reflects compromises among warring factions of the Senate GOP which has been divided over how much to cut safety-net programs such as Medicaid and how rapidly to phase out of renewable energy tax credits enacted under the Biden administration.

Economists have estimated that previous versions of the bill could add trillions to the national debt, but many haven’t had the chance to review the latest Senate version.

U.S. Senate Republicans unveiled their version of President Donald Trump's sweeping tax-cut and spending bill, setting the stage for an initial vote on Saturday that could kick off a marathon weekend session and lead to full congressional approval next week.