U.S. Senate Republicans have unveiled their version of President Donald Trump's sweeping tax-cut and spending bill that is broadly similar to the legislation that narrowly passed the House of Representatives last month.

NEW YORK (Reuters) -U.S. Senate Republicans' proposed changes to President Donald Trump's sweeping tax-cut and spending bill are expected to push U.S. debt levels higher, roughly in line with projections from the House-passed version, analysts said on Tuesday.

The Senate’s draft tax bill calls for increasing an investment credit for semiconductor manufacturers, a potential boon for chipmakers that the Trump administration is urging to increase the size of their US projects.