Trump signs $1.5 trillion tax overhaul into law

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President Trump on Friday signed the sweeping tax cut bill — minutes before he left the White House for his Mar-a-Lago resort in Florida.

About a half-hour earlier, he announced in a tweet that he would sign the “biggest ever Tax Cut and Reform Bill” in the Oval Office.

“Will also be signing a much needed 4 billion dollar missile defense bill,” he added.

The timing of his signing had been uncertain until Congress passed a short-term spending bill that suspended the “pay-go” rule, which requires that measures like the tax-cut legislation be funded with automatic spending cuts to offset the cost, CBS News reported.

The $1.5 trillion tax measure would have required an average $150 billion in cuts in the next 10 years had the pay-go rule not been waived.

The White House plans an event to celebrate the signing on Jan. 3.

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