U.S. Senate Republicans have unveiled their version of President Donald Trump's sweeping tax-cut and spending bill that is broadly similar to the legislation that narrowly passed the House of Representatives last month.

The Senate Committee on Finance argues that its proposal of changes to the bill "prevents the largest tax hike in history."

The House-passed version of Republicans’ tax and spending bill would add $2.8 trillion to US deficits over the next decade, according to new estimates from the Congressional Budget Office that incorporate the broader impact the legislation would have on the economy and federal budget.