The House-passed version of the bill would extend Trump's 2017 income tax cuts and implement new temporary tax breaks for tips and overtime. It would create new federally-seeded savings account for children and give seniors an additional tax credit. It would pour billions of dollars into the administration's deportation plans and on defense.

U.S. solar stocks tumbled on Tuesday after a Senate panel proposed phasing out solar and wind tax credits by 2028, as part of changes to President Donald Trump's sweeping tax-and-spending bill.