The United States Senate announces a revised tax and spending plan worth $4.2 trillion

According to Odaily, the United States Senate, controlled by the Republican Party, has released a new version of the $4.2 trillion tax and spending plan. As the deadline set by U.S. President Donald Trump approaches on July 4, the voting process is expected to begin. The new draft reflects compromises between different factions within the Republican Party. Previously, there had been disagreements within the party regarding the extent of cuts to Medicaid and other social welfare programs, as well as the pace of phasing out renewable energy tax credits from the Biden administration.

The draft includes a temporary agreement with Republican lawmakers to increase the state and local tax (SALT) deduction limit from $10,000 to $40,000, effective for five years, after which it will revert to the original standard amount. Republican lawmakers intend to kick off the voting process for the tax reform draft as early as noon local time on Saturday (Sunday morning UTC+8). The final vote may be scheduled for Sunday morning (Monday afternoon UTC+8). Party leaders are expected to summon House members early next week to complete the legislative process before the Independence Day deadline set by Trump.