President Trump Donald John TrumpBiden on Trump's refusal to commit to peaceful transfer of power: 'What country are we in?' Romney: 'Unthinkable and unacceptable' to not commit to peaceful transition of power Two Louisville police officers shot amid Breonna Taylor grand jury protests MORE is slated to sign the new GOP tax overhaul bill into law on Jan. 3, Bloomberg News reported Wednesday evening.

The news outlet cited an aide to a House Republican, who said the timeline will prevent automatic spending cuts to some programs, including Medicare.

Republicans had been racing to get the bill to Trump's desk by the Christmas holiday, a goal Congress reached this week when both chambers passed the tax bill.

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The passage of the bill provides the Trump administration with its first legislative win after repeated failed attempts to repeal and replace ObamaCare.

The president spoke from the White House lawn on Wednesday, flanked by members of Congress, praising lawmakers for the passage of the bill.

Trump also touted the tax cuts on Twitter early Thursday.

"The Massive Tax Cuts, which the Fake News Media is desperate to write badly about so as to please their Democrat bosses, will soon be kicking in and will speak for themselves," the president said. "Companies are already making big payments to workers. Dems want to raise taxes, hate these big Cuts!"