Senate Republicans release amended version of Trump's 'One Big Beautiful Bill'

Senate Republicans released an amended version of the House-passed tax-cut and spending bill supported by President Trump.

The Senate on Saturday is set to begin debate on the 940-page megabill, formally called the "One Big Beautiful Bill Act."

The bill would extend the 2017 tax cuts and create some new tax benefits like eliminating tax on tips and overtime pay. 

Republicans are using budget reconciliation to pass the bill to avoid the filibuster in the Senate.

Senate Parliamentarian Elizabeth McDonough has rejected key parts of the bill, including the Medicaid and SNAP reform portions.

GOP supporters of the bill argue it is needed to prevent tax increases, given that the 2017 Trump tax cuts expire soon without action from Congress.

Some budget estimates suggest the bill would add about $3 trillion to the U.S. national debt over a 10-year period.