With the stroke of a pen, President Bush fulfilled a central campaign promise.

The president today signed into law a $1.35 trillion tax cut bill.

It was a packed house in the White House East Room, as Bush was joined by Democratic and Republican lawmakers, members of his Cabinet and 15 families he says will benefit from the cut.

Bush told the crowd that tax relief was considered a "political impossibility" a year ago, but says it becomes a reality today.

Moderate lawmakers whittled the ten-year tax cut from the $1.6 trillion plan Bush initially pushed. But the central elements remain intact.

About 96 million refund checks of between $300 and $600 will be mailed to taxpayers starting July 20th.

Other tax relief will take place slowly over the next decade, including across-the-board reductions in income tax rates.