The House Budget Committee on Friday rejected President Trump's budget bill, a major setback to leaders of the GOP-led chamber who have set a July 4 deadline for final passage.

The vote was 16-21, with five conservative hard-liners joining all Democrats in voting against the multitrillion-dollar legislation, according to NBC News.

GOP House members, particularly moderates vs. fiscal conservatives, have wrangled key matters in the bill, which preserves Trump's 2017 tax cuts, such as changes to Medicaid and state and local tax deductions, known as SALT.