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.

The Republican-led House narrowly passed President Donald Trump’s sweeping tax and spending bill late early Thursday morning, sending the package to the Senate where it is likely to be revised.