Chances of a close brush with a US payment default are growing as the Senate plans for time-consuming revisions to President Donald Trump’s sprawling, multi-trillion-dollar tax and spending package.

The House votes in favor of "big beautiful bill." If bill passes Senate, some will see tax cuts and millions could lose Medicaid coverage.

The bill, passed by a single-vote margin, would fulfill many of Trump's populist campaign pledges. All of the chamber's Democrats and two Republicans voted against it. One Republican missed the vote because he had fallen asleep.

House Republicans are proposing to gut energy savings and clean energy tax credits in President Donald Trump’s “big, beautiful” tax bill — money that is creating thousands of jobs in GOP states.

If the House provision is enacted, the SALT cap would rise to $40,000, up from $30,000 in the previous plan, and phase out over $500,000.

President Donald Trump’s signature tax bill narrowly passed the House Thursday morning, overcoming fierce Republican infighting and advancing a sprawling multi-trillion dollar package that would avert a year-end tax increase at the expense of adding to the US debt burden.

President Donald Trump's sweeping tax and policy bill that would change Americans' everyday lives has cleared one big hurdle after several marathon days of negotiations in the U.S. House and an assist from the president himself.