Republican leaders are aiming for quick negotiations over needed changes to the newly unveiled Senate tax bill which lacks the votes to secure majorities in both chambers as written.

A deal reached in the House to raise the SALT deduction could be in danger in the Senate. The U.S. Capitol is seen as lawmakers prepare to depart for the holiday recess, at the Capitol in Washington, Thursday, Dec. 14, 2023. (J. Scott Applewhite | AP Photo) J. Scott Applewhite | AP Photo

The US Senate’s version of Donald Trump’s flagship tax bill will not propose raising the cap on the state and local tax deductions, in a move that threatens to torpedo the so-called “big, beautiful bill”.