The Republican-controlled Senate has announced a new version of a $4.2 trillion tax and spending plan, and the voting process is about to start as the July 4 deadline set by Trump approaches. The new draft reflects a compromise among various factions within the Republican Party. There have been differences within the party over the extent to which to cut social protection programs such as Medicaid and the speed at which to phase out the Biden administration's renewable energy tax credit. The draft includes a provisional agreement with House Republicans to increase the limit of state and local tax (SALT) deductions from $10,000 to $40,000, valid for five years, before returning to the original level. Republicans plan to start the voting process on the tax reform bill as early as noon local time on Saturday (early morning Beijing time on Sunday), and the final vote may be scheduled for early morning Sunday (Monday afternoon Beijing time). Party leaders plan to recall House members early next week in a bid to complete the legislative process before Trump's Independence Day deadline. (Jin Shi)