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.

The legislation keeps some House provisions, like new Medicaid rules, while making significant changes in other areas, including Medicare and the state and local tax deduction.

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.