The Senate Finance Committee on Monday released its version of the GOP’s package that calls for enacting sweeping cuts to Medicaid and preventing a multi-trillion dollar tax hike on Americans.

The proposal would salvage some clean-energy tax credits and phase out others more slowly, making up some of the cost by imposing deeper cuts to Medicaid than the House-passed bill would.

WASHINGTON—Senate Republicans detailed major revisions of the House’s giant tax-and-spending bill, offering more permanent business tax breaks, deeper cuts to Medicaid, slower phaseouts for clean-energy tax credits and a much lower cap on the state and local tax deduction.