The US Senate version of the tax overhaul plan would pay for itself over 10 years, boosting growth and generating $1.8 trillion in additional revenues, the Treasury Department said Monday.

The Republican plan is expected to generate GDP growth of about 2.9 percent over the next decade, 0.7 percentage points higher than the current forecast, which will bring in more revenue to the government's coffers and offset the deficit increase caused by lower taxes, according to a Treasury analysis.

Republicans in the House and Senate are working to come up with a final unified version of the reform that President Donald Trump can sign before the end of the year. Both versions call for slashing taxes for corporations and business partnerships while eliminating many deductions for individuals.