The GOP-led Senate approved a framework for President Trump's tax cuts and spending reductions in a late-night session that concluded around 3am on Saturday.

The vote, 51-48, included two GOP senators, Sens. Susan Collins of Maine and Rand Paul of Kentucky, voting against the package.

The package contains roughly $5 trillion in tax cuts and a minimum of $4 billion in spending reductions. GOP leaders have said the spending cuts will ultimately be a higher amount.

The Committee for a Responsible Federal Budget and other watchdog groups found that economic growth will not cover the cost of the package.