The House Freedom Caucus is criticizing President Donald Trump's tax bill. (Getty Images)
The Senate bill would add an extra $1 trillion to raise the debt limit, compared to the House version and permanently extend certain corporate tax cuts in President Donald Trump's 2017 Tax Cuts and Jobs Act (TCJA) that the House only extended temporarily.
It also includes several specific new additions aimed at easing Senate Republicans' own concerns with the bill, including a $25 billion rural hospital fund to offset issues with Medicaid cuts, and a tax break for whalers that appears aimed at Sen. Lisa Murkowski, R-Alaska.
The Senate is operating under a mechanism called "current policy baseline," which would effectively zero-out the cost of extending TCJA tax cuts by calculating them as the de facto operational policy rather than calculating the cost as if they were not in place.
Absent congressional action, TCJA tax cuts expire at the end of 2025.
DEM DELAY TACTIC ENDS, DEBATE BEGINS ON TRUMP'S 'BIG, BEAUTIFUL BILL'
Conservatives in the House have warned they have serious issues with the bill, however.
Reps. Ralph Norman, R-Texas, and Eric Burlison, R-Mo., both House Freedom Caucus members, said the bill could face steep odds — even fail — in the lower chamber if changes were not made.
Both said it could fail in a House-wide procedural vote before lawmakers could even contend with the measure itself. A rule vote is traditionally taken to allow for debate on legislation before lawmakers weigh in on it.
"If it gets through [the House Rules Committee], I don't think it survives on the floor in the current form it's in. You know, we told the senators that," Norman told Fox News Digital. "They knew this all along."
Rep. Eric Burlison said some support could hinge on an amendment by Sen. Rick Scott. (Kevin Dietsch/Getty Images)
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They're aiming to have a bill on Trump's desk by the Fourth of July.
A GOP aide told Fox News Digital, "The Senate version contains more in Byrd-compliant savings than the House, and correctly scores extending current tax policy as revenue-neutral — and assumes the kind of growth that was also massively underestimated last time around."
The aide noted that the White House Council of Economic Advisers said the bill will generate $4.1 trillion in economic growth thanks to tax permanence, which is more than the House version.
Senate Republicans argue the bill would lead to $1.6 trillion in spending cuts over 10 years — above the House Freedom Caucus' demanded $1.5 trillion threshold.
Elizabeth Elkind is a politics reporter for Fox News Digital leading coverage of the House of Representatives. Previous digital bylines seen at Daily Mail and CBS News.
Follow on Twitter at @liz_elkind and send tips to elizabeth.elkind@fox.com
https://www.foxnews.com/politics/house-freedom-caucus-targets-trumps-big-beautiful-bill-concerns-about-budget-deficit