The US Senate unveils new draft of Trump tax reform bill, will soon be put to vote.

As the July 4 deadline set by US President Donald Trump approaches, Senate Republicans have released a new version of a $4.2 trillion tax and spending package, moving closer to the voting process. The new bill reflects compromises between different factions within the Senate Republican party. Previously, there were disagreements within the party on the extent of cuts to social security programs such as healthcare subsidies, and the speed at which renewable energy tax incentives introduced during the Biden administration would be phased out. The bill includes a temporary agreement reached with House Republicans to increase the cap on state and local tax deductions. The bill would raise the cap from $10,000 to $40,000 for five years, before reverting back to $10,000. Republicans plan to start voting on the tax bill as early as midday on Saturday local time, with a final vote expected in the early hours of Sunday. Republican leaders plan to convene House members back to Washington early next week in hopes of securing final approval of the bill before Trump's deadline. It remains unclear if all 50 Senate Republicans needed to pass the bill are in agreement. If necessary, the bill may be further amended in the Senate to ensure enough votes. If House Speaker Mike Johnson struggles to garner enough votes, the House may make further modifications.