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.

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.

Senate Republicans on Monday proposed deeper Medicaid cuts, including new work requirements for parents of teens, as a way to offset the costs of making President Donald Trump's tax breaks more permanent as they unveiled draft legislation for his “big,