The approval on May 18 advances the measure toward possible passage in the House of Representatives later this week.

The Republican tax and spending bill cleared an important hurdle Sunday night. As the legislation advances, here are the key provisions financial advisors should watch.

Moody’s downgrade of U.S. credit on Friday helped put into focus the U.S. government’s ballooning budget deficit and President Donald Trump’s hopes to add trillions more to the national debt.

A key House committee advanced President Donald Trump’s giant tax and spending package after Republican hardliners won agreement from party leaders to speed up cuts to Medicaid health coverage.The House Budget Committee approved the legislation late Sunday night after a weekend of negotiations with four ultraconservatives on the panel who on Friday joined with Democrats to reject the legislation.

The White House said President Donald Trump's "big, beautiful bill" includes a 401K-style savings account for new parents and is "very pro-family."

House GOP leaders worked through the weekend to win over a quartet of fiscal conservatives who voted last week to block Trump’s Big Beautiful Bill.

Deficit hawks who had blocked the measure two days earlier are still dissatisfied and want steeper spending cuts.

At an unusual Sunday night session, four hardline Republican conservatives on the House Budget Committee allowed the bill to move forward as they pressed for deeper spending cuts in closed-door talks with Republican leaders and White House officials.

House Republicans' tax bill will include significant relief for senior citizens, Ways & Means Committee Chairman Jason Smith told Fox News Digital.