5 days ago
Wall Street warns Trump aides the GOP tax bill could jolt bond markets
Wall Street bankers and executives are privately warning the Trump administration that the tax bill moving through Congress could stoke investor anxiety about rising deficits, push up U.S. borrowing costs and damage the broader economy, according to more than a dozen people familiar with the matter.
House Republicans this month approved a measure projected to add $2.3 trillion to the national debt over the next decade, primarily by extending tax cuts from 2017 — and it would add more than $5 trillion in debt including interest costs and likely future extensions, according to the nonpartisan Committee for a Responsible Federal Budget. That legislation, which would also beef up immigration enforcement and defense spending, is President Donald Trump's top legislative priority. The Senate is due to take it up soon.
