Just six days after the bipartisan deal on the debt limit became law, House Republicans proposed a slew of tax cuts, leading to charges of hypocrisy by Democrats in a squabble that shows two clashing visions for the U.S. economy.

GOP lawmakers are pushing deep tax cuts for companies and the affluent as the primary driver for sustaining economic growth, while President Joe Biden and fellow Democrats seek more targeted tax cuts to achieve social goals such as reducing child poverty and shifting to renewable energy that can help the economy in the long run.

Republicans in the U.S. House of Representatives on Friday unveiled a series of new tax breaks aimed at businesses and families while proposing to reverse some of President Joe Biden's legislative victories, including credits to spur the sale of clean-burning electric vehicles.

Three related bills were introduced on Friday with the goal of moving the legislation through the House Ways and Means Committee next week. That is when the Joint Committee on Taxation also is expected to release its analysis of the package.

House Republicans have assembled a $237 billion tax cut package with a bevy of provisions to bolster the economy and offset the impact of 40-year-high inflation on Americans.

It includes increasing the standard deduction on income taxes, expanding opportunity zones, slapping an excise tax on property purchases linked to China and Russia, rolling back some requirements for reporting transactions to the Internal Revenue Service and restoring expired Trump-era business expense write-offs.