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.

"There is a serious risk of a bond market crisis that could lead to a wider financial crisis," one economist said of the bill.

President Trump's domestic policy bill, dubbed the One Big Beautiful Bill Act, was passed by the House of Representatives in a 215-214 vote early Thursday morning. The vote comes after days of negotiations among legislators.