Congress set to pass sweeping tax overhaul

The Senate voted to pass Republicans' $1.5 trillion rewrite of the tax code, one step closer to achieving their first major legislative victory under President Trump.
3:50 | 12/20/17

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Transcript for Congress set to pass sweeping tax overhaul
It is a big day in Washington. Congress set to pass president trump's tax cut. One of the largest ever. This will affect everyone. It certainly will. Lawmakers not getting a whole lot of sleep right now. It was a dramatic night on the floor just before 1:00 A.M. Eastern. Senate Republicans passed that $1.5 trillion tax bill promising the most sweeping changes in decades. And the president was up late watching it last night and, of course, he was tweeting promising he'll hold a news conference this afternoon after the bill passes. Not a single Democrat supports it and the public is skeptical but they're about to score their first big legislative win heading into Christmas on a high note and Cecilia Vega starts us off with the latest. Good morning, Cecilia. Reporter: Good morning. But first the house has that procedural vote but this is basically a done deal and already excitement here while Democrats are calling this an absolute disgrace. The tax cuts and jobs act is passed. Reporter: With the handshake the vice president announcing that historic tax vote. A late night vote interrupted by protesters. Reporter: Mike pence repeatedly urging calm while Democrats were outraged. The senate minority leader scolding Republicans for talking while he had the floor. Can we have order, Mr. President? The senate will be in order. This is serious stuff. We believe you're messing up America. You could pay attention for a couple of minutes. Reporter: In the house, it looked like a done deal there too. Complete with a drop the gavel moment by a beaming speaker Paul Ryan. This is a good day for America. Reporter: But their plan hit a last-minute snag. The house forced to take a do-over vote again today. A procedural move not expected to change the outcome. The GOP finally giving president trump his first major legislative victory. After eight straight years of slow growth and underperformance America is ready to take off. Reporter: The white house says president trump made a promise and kept it. We want to give you the American people a giant tax cut for Christmas. And when I say giant, I mean giant. Reporter: But aides now say that Christmas gift may actually come late. The complicated bill might not make it to the president's desk until after the new year and they still maintain the billionaire president will be hurt by the new plan despite the fact that he stands to win big league. The president said this is going to cost him a fortune. It's actually not the case. How does he figure this is going to cost him a lot of money? Look, we expect that it likely will certainly on the personal side could cost the president a lot of money. Reporter: He stands to benefit from deductions, top rate tax reduck, state tax exemption -- Again, this is a tax plan we hope benefits all Americans. Reporter: Sarah Sanders did go on to concede the president's business interests stand to gain from these new tax cuts but the reality is his personal wealth will get a big boost too. Everything we know from his past tax returns shows he's going to get a huge tax cut and first big legislative victory ending the year on a high note taking a victory lap early this afternoon. Reporter: They are preparing for big celebrations "Hero" at this white house perhaps starting with a press conference and the president teased it and after that house vote. We have not had a solo press conference from president trump here at the white house since February. A lot of questions to ask. We will be there as soon as the president comes out in the rose garden, Cecilia Vega, thanks very much.

This transcript has been automatically generated and may not be 100% accurate.

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