The News
House Republicans narrowly passed a mammoth tax-cutting bill early Thursday that has set off market jitters for its potential to widen an already yawning budget deficit.
US President Donald Trump’s signature tax bill will now head to the Senate.
Independent analysts forecast that the planned spending curbs, particularly in health care and clean-energy tax breaks, would not offset tax cuts, and that the bill would add about $3 trillion to overall US debt.
Several Republican holdouts met with Trump on Wednesday, saying that they discussed spiking Treasury yields as one “growing concern,” Semafor’s Eleanor Mueller wrote.
Bond traders also appeared unconvinced by the plans: Demand at an auction of new, 20-year US debt was lower than in recent months, and the yield on 30-year Treasurys neared a two-decade high.
