President Donald Trump signed the Republican tax cut bill and a short-term funding measure to keep the government running through Jan. 19, 2018, according to numerous media reports.
Trump hailed the tax bill during a signing ceremony at the White House on Dec. 22. "It’s going to be a tremendous thing for the American people," he said.
"Corporations are literally going wild over this," he added later, according to a report in The New York Times. Several companies, including at least three banks, have announced that they will enhance compensation for their employees, citing the savings they will realize from the tax cuts. Skeptics have noted that the amounts the companies are paying to workers represent a small portion of the financial benefits flowing to corporations.
Trump signed the legislation before leaving for a holiday vacation. He announced he would do so in a tweet earlier in the day on Dec. 22.
"Will be signing the biggest ever Tax Cut and Reform Bill in 30 minutes in Oval Office." Trump wrote. "Will also be signing a much needed 4 billion dollar missile defense bill."
The funding measure was required to keep the government open beyond midnight on Dec. 22, when the Treasury would have run out of funds.