Republicans stick to July 4 deadline to pass Trump's megabill

Republicans are projecting confidence that they'll be able to wrap up work within the next three weeks on sweeping legislation containing most of President Donald Trump's domestic policy agenda

"It will get done. We need to get it done," Senate Majority Leader John Thune said in a Fox News Sunday interview. "We will roll into the Fourth of July recess, if necessary, in order to get this on the president's desk."

The sentiment was echoed by Sen. John Barrasso of Wyoming, the second-ranking Senate Republican, in an interview on Sunday Morning Futures on Fox Business.

"The idea is to get this done by the Fourth of July," Barrasso said.

GOP senators still must clear several procedural maneuvers, including a marathon amendment session, before passing it in the Senate. Conservative House Republicans may still balk if spending cuts are diminished in the upper chamber.

In the next few days, the Trump-backed package faces a major test. The Republican-led Senate Finance Committee is expected to release its portion of the megabill focused on taxation as early as Monday. It is poised to include extensions of several business-friendly deductions, a child tax credit expansion, no taxes on tips, no taxes on overtime pay, and more.

Republican senators have signaled they intend to restore several business-provisions and make them permanent. That includes immediate expensing for research and development spending and 100% bonus depreciation, which is a write-off for certain short-lived investment spending. The current House-approved bill only set up a shelf-life of five years for those tax measures.

Meanwhile, Trump traveled late Sunday to the G-7 summit of world leaders. The White House is pushing to discuss trade, stepping up American energy exports, and AI development with the assorted heads of state, Bloomberg reported.