U.S. Senate Republicans have unveiled their version of President Donald Trump's sweeping tax-cut and spending bill that is broadly similar to the legislation that narrowly passed the House of Representatives last month.

The big tax-and-spending bill in Congress would end a race against time by the wealthy to avoid estate taxes. The bill passed in the House last month and the Senate Finance Committee proposal released Monday both would permanently allow people to hand their heirs $15 million without paying a dime.

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,