President Trump promised Thursday that his administration will deliver "a big, beautiful present" this Christmas if congressional Republicans pass a bill containing substantial tax cuts for families and businesses.

"We are giving them a big, beautiful present for Christmas in the form of a tax cut," Trump said during a gathering in the Oval Office with members of the House Ways and Means Committee.

The committee unveiled a tax reform bill Thursday that would slash the corporate rate to 20 percent, kill several loopholes and special interest deductions, and reduce the federal income tax burden on middle-class families.

"It's really going to be very special," Trump said.

The White House has repeatedly urged congressional Republicans to move the bill through Capitol Hill as quickly as possible so Trump can sign some form of tax cuts into law before the Christmas holiday.

"I really believe we'll have it done before Christmas. I consider that to be one of the great Christmas presents," he said.