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6d ago

U.S. House Passes Trump’s $3.8 Trillion Tax Bill as Debt Concerns Mount

The narrow vote triggers global bond sell-offs, a stock market decline, and a Bitcoin surge as Treasury yields hit multi-year highs.

Tariff and fiscal fears are dragging the stock market and pushing bond yields higher.
NEW YORK, NEW YORK - MAY 21: Traders work on the floor of the New York Stock Exchange (NYSE) on May 21, 2025 in New York City. The Dow dropped over 800 points as continued worries about tariffs and the state of the U.S. economy persist. (Photo by Spencer Platt/Getty Images)

Overview

  • President Trump’s tax-and-spending bill, projected to add $3.8 trillion to the national debt, narrowly passed the House with a 215–214 vote.
  • Treasury yields on 20- and 30-year bonds exceeded 5%, reaching levels not seen since 2023, reflecting investor unease over U.S. fiscal sustainability.
  • Major U.S. stock indexes fell over 1% on Wednesday, while global bond markets saw widespread sell-offs, including record-high yields in Japan and Germany.
  • Moody’s recent downgrade of the U.S. credit rating has intensified scrutiny of the nation’s $36.2 trillion debt and its economic trajectory.
  • Bitcoin surged to an all-time high above $111,000 as investors sought alternatives to traditional assets during market volatility.