For many families, another key source of savings is the child tax credit. Senate Republicans proposed permanently increasing the credit available to parents, which would be set at $2,200 per child, beginning in the 2025 tax year. House Republicans had proposed to bump up the credit to $2,500, but only through 2028.

The House-passed version of Republicans’ tax and spending bill would add $2.8 trillion to US deficits over the next decade, according to new estimates from the Congressional Budget Office that incorporate the broader impact the legislation would have on the economy and federal budget.

U.S. Senate Republicans' proposed changes to President Donald Trump's sweeping tax-cut and spending bill are expected to push U.S. debt levels higher, roughly in line with projections from the House-passed version,