Sen. Rand PaulRandal (Rand) Howard PaulPompeo set to be confirmed on Thursday GOP anxiety grows over Trump’s Iran decision Overnight Defense: VA nominee on the ropes | White House signals it will fight for pick | Trump talks Syria with Macron | McConnell tees up Pompeo vote MORE (R-Ky.), one of the bill's co-sponsors, said the bill was put forward in light of the Senate's inability to move President Obama's jobs plan forward.

"More government spending and excessive regulation are the problem, not the solution," Paul said. "We have spent too long increasing the tax and regulatory burdens on job creators, instead of allowing them to operate more freely and create more jobs."

Among other things, the bill includes a sense of the Senate that Congress should approve a balanced-budget amendment to the Constitution. It also creates enhanced rescission authority, making it easier to collect unused federal money.

The bill would cut small-business and corporate taxes, and includes withholding tax relief. It also includes several sections that would ease federal regulations, including by repealing the healthcare and Dodd-Frank laws.

A summary of the bill can be seen here.