A lot of the coverage for why the bond market doesn’t like the “big, beautiful bill” focuses on the fact that its policy changes will increase government debt by slashing taxes without raising anywhere near an equal amount of revenue elsewhere.

The push to pass the bill in the House has been a key test of Trump and Speaker Mike Johnson’s influence.

Republicans in the Senate have said they want to make major modifications to the House product, but it’s still unclear what those would look like.