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Update: Final Senate tax bill passes House, heads to Trump's desk

The House held a second vote on the Republican tax plan and passed an updated version of the bill from the Senate 224-201.

The second vote in the House came after the Senate had to strip some provisions out of the bill because they did not comply with the budget rules associated with the procedure Senate Republicans used to pass the bill. The Senate passed the amended bill hours earlier by a vote of 51-48.

The bill will go to President Donald Trump's desk following the two Dec. 20 votes. Trump and congressional Republicans have called the tax bill an additional Christmas present for the American people, and NBC reports that Trump may sign the bill into law at Mar-a-Lago, his Florida estate. The timing, though, remains unclear and depends on Congress finishing the process of submitting the measure to the president. "It may not be until Friday, Saturday, it could be Monday, and at that point we will look to move as quickly as we can," a senior White House official told reporters. "I think the president will be anxious to sign this bill."

Market reaction to the milestone was muted, as it has been during the legislative maneuvering this week. The S&P 500 opened higher, but retreated through the morning before settling in to a narrow trading range. At 3:30 p.m. ET, the index was hovering around 2680.89, down just 0.02%.

The bond markets had a somewhat more pronounced response, with the yields on 10-year U.S. Treasury notes moving higher for much of the day. At 3:30 p.m. ET the yield stood at 2.492%, up 0.025 of a percentage point.