US and European stock markets fell Wednesday as investors paused for breath following recent gains, with a long-awaited US tax cut plan moving near the finish line. 

Equities have been on a broad upswing since last week when holdout Republican senators said they would back President Donald Trump's signature tax legislation. The American leader has promised the reform will further fire up an already healthy US economy.

The House of Representatives voted along party lines to greenlight the $1.5 trillion overhaul, hours after the Senate narrowly passed the deal. 

"We are making America great again," Trump bellowed to Republican lawmakers assembled on the South Lawn of the White House to celebrate the victory.