The measure, passed by the House, would roll back incentives for people to buy electric vehicles and for automakers to make them in the U.S.

WASHINGTON – 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. But the 1,000-plus-page legislation is still a long way from becoming a law.

President Trump's tax plan has sparked concern among investors, driving Treasury bond yields to a nearly two decade high, amid growing worries over U.S. debt.

The agreement marks a big win for SALT cap crusaders like Rep. Mike Lawler (R-NY) and others who have demanded the SALT cap be lifted as part of reconciliation.