Presented by Alliance for Aging Research{beacon} Health Care Health Care   The Big Story Group releases ad on harms of Medicaid cutsA new ad and accompanying report from the

The Senate Finance Committee on Monday released its version of the GOP’s package that calls for enacting sweeping cuts to Medicaid and preventing a multi-trillion dollar tax hike on Americans.

The proposed $880 billion cuts to Medicaid over the next decade have become a focal point of debate in the United States. President Donald Trump and Republican leaders argue that these cuts are necessary to eliminate waste and fraud within the system.

Both the House and Senate bills seek to boost the child tax credit but they do so in different ways. The Senate legislation would increase the maximum per-child credit from $2,000 to $2,200, making it permanent and adjust it for inflation in later years. The House bill would boost the tax break to $2,500, but it would decrease after 2028.

President Donald Trump and congressional Republicans are promising that their sweeping tax and spending cuts package will usher in an era of historic economic growth.

Trump's megabill cuts around $600 billion in Medicaid. About 11 million people could lose their coverage over 10 years, according to the CBO. Here are other effects.