President Trump praised the tax bill that House Republicans unveiled on Thursday and said it would act as "rocket fuel" for the U.S. economy.

"I applaud the House Ways and Means Committee for introducing the Tax Cuts and Jobs Act, which is another important step toward providing massive tax relief for the American people," Trump said in a statement shortly after lawmakers announced the specifics of the long-awaited tax bill.

"My tax reform priorities have been the same since day one: bringing tax cuts for hardworking, middle-income Americans; eliminating unfair loopholes and deductions; and slashing business taxes so employers can create jobs, raise wages, and dominate their competition around the world," Trump said.

The Tax Cuts and Jobs Act will slash the corporate tax rate and reduce the number of income tax brackets while eliminating state and local tax deductions. Republicans have spent months behind closed doors hammering out the details of the tax reform plan, which they hope to put on the president's desk by the end of the year.

Trump warned the media would try to skew coverage of the tax reform plan and that special interest groups would work to preserve portions of the tax code that the Tax Cuts and Jobs Act seeks to change.

"We are just getting started, and there is much work left to do. The special interests will distort the facts, the lobbyists will try to save their special deals, and some in the media will unfairly report on our efforts," he said. "But my administration will work tirelessly to make good on our promise to the working people who built our nation and deliver historic tax cuts and reforms — the rocket fuel our economy needs to soar higher than ever before."

Trump also touted the economic growth the U.S. has seen in his first 10 months in office, and has frequently cited his deregulation push and the promise of tax cuts as drivers of investor confidence.

"The policies of my administration have already helped to drive the stock market to all-time highs and the unemployment rate to a 16-year low," Trump said. "Economic confidence is skyrocketing and our GDP grew 3 percent yet again this quarter."