The Senate's version of President Donald Trump’s signature economic package expands some tax breaks while raising the debt ceiling by $5 trillion, instead of $4 trillion in the House-passed measure., While the House’s plans call for raising the debt limit by $4 trillion, the Senate’s instructions detail a $5 trillion increase to the debt ceiling. Some Senate Republicans have argued the, Senate Republicans Release Revised Tax Cuts and Debt Limit Bill. Senate Republicans would cut trillions of dollars in taxes for households in their version of President Donald Trump’s signature economic package, a plan that comes at the expense of curbing health coverage for some low-income Americans and adding to US deficits., The Republican bill would repeal actions taken by President Biden to waive $10,000 to $20,000 in debt for nearly all borrowers who took out student loans., Lift the debt ceiling . The House bill would raise the nation's debt limit by $4 trillion. Lifting the debt limit doesn't authorize new spending. Instead, it allows the government to pay for , .