Senate Republicans propose to cut trillions of dollars in taxes for households and businesses in their version of President Donald Trump’s signature economic package, a plan that comes at the expense of curbing health coverage for some low-income Americans and adding to US deficits.

The Senate Finance Committee on Monday released its version of the GOP’s package that calls for enacting sweeping cuts to Medicaid and preventing a multi-trillion dollar tax hike on Americans.

WASHINGTON (Reuters) -Republicans who control the U.S. Senate Finance Committee unveiled changes to President Donald Trump's sweeping tax-cut and spending bill on Monday that would make business-related tax breaks permanent while modifying Medicaid reforms and a new federal deduction for state and local taxes.