President Donald Trump is watching as Republicans in Congress move his agenda. (Getty Images)
It's not clear how long the House Rules Committee meeting will go; when the panel considered the House's own version of the bill in May, Democrats introduced dozens of amendments to symbolically object to the bill and delay the process.
Meanwhile, two conservatives on the House Rules Committee, Reps. Ralph Norman, R-S.C., and Chip Roy, R-Texas, are among those in the lower chamber raising concerns about the bill.
Their opposition in committee would not be enough to stop it, but the legislation could face serious threats House-wide, where just four GOP "no" votes would be enough to sink the bill.
The House first passed the bill – a mammoth piece of legislation advancing Trump's agenda on taxes, the border, energy, defense and the national debt – in late May by just one vote.
Modifications made by the Senate in order to pass that chamber's own razor-thin, three-vote majority must now be approved in the House before getting to Trump's desk.
Rep. Ralph Norman, a conservative on the House Rules Committee, said the bill could face serious problems in the chamber on Wednesday. (Tom Williams/CQ-Roll Call, Inc via Getty Images)
It also includes a new tax deduction for people aged 65 and over.
The legislation also rolls back green energy tax credits implemented under former President Joe Biden's Inflation Reduction Act, which Trump and his allies have attacked as "the Green New Scam."
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The bill would also surge money toward the national defense, and to Immigrations and Customs Enforcement (ICE) in the name of Trump's crackdown on illegal immigrants in the U.S.
The bill would also raise the debt limit by $5 trillion in order to avoid a potentially economically devastating credit default sometime this summer, if the U.S. runs out of cash to pay its obligations.
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
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