U.S. Senate Republicans on Tuesday unveiled revised tax and health care provisions in Trump's trillion-dollar economic plan, a key step towards achieving their goal of passing the bill by July 4, Internet reported. The new version of the bill expands some tax incentives and increases the debt ceiling by $5 trillion, an increase from the $4 trillion in the version passed by the House. This version basically follows the framework of the House bill, as Senate Republican leaders try to avoid lengthy negotiations on the substance of the bill-if the Treasury Department fails to continue adopting unconventional debt limit measures in mid-August, the United States may face the risk of default on its debt. What is clearly missing from the draft is an agreement on state and local tax (SALT) exemptions. The bill temporarily retains the current $10,000 SALT deduction cap as a transitional provision, and lawmakers are still negotiating the politically important tax cut. The legislation largely continues Trump's 2017 tax cuts for households and small businesses, which will expire at the end of 2025. The bill also includes a series of new tax cuts, including eliminating tips and overtime taxes promised by the president during the campaign.