After compromising with Blue State Republican lawmakers and suppressing conservatives' opposition at the last minute, Trump finally tried his best to get his “Big Beautiful Bill” passed in the House of Representatives. But for this iconic tax cut bill to pass successfully in the Senate, he must face a group of “voters” that is probably more difficult: investors in US Treasury bonds. The yield on 30-year US Treasury bonds surpassed 5% again on Wednesday, and the week before, a third rating agency downgraded the US sovereign credit rating, predicting that US debt will jump from about 100% of GDP to 134% over the next ten years. This is far from the vision expressed by Trump in his March speech to Congress — he promised to “balance the budget in the near future.” The bill passed by the House of Representatives involves a series of tax relief measures for key groups of voters, including hourly workers, consumer earners, car buyers, and the elderly. Meanwhile, signals from the Senate suggest that Republicans are likely to cut spending further to ease financial pressure on other groups. “Everyone has had enough. Obviously, Washington doesn't have an 'adult' at all, and there is no accountability mechanism,” said John Fath, BTG Pacific's American asset management company. “How can they take responsibility? The answer is market price”.

After compromising with Blue State Republican lawmakers and suppressing conservatives' opposition at the last minute, Trump finally tried his best to get his “Big Beautiful Bill” passed in the House of Representatives. But for this iconic tax cut bill to pass successfully in the Senate, he must face a group of “voters” that is probably more difficult: investors in US Treasury bonds. The yield on 30-year US Treasury bonds surpassed 5% again on Wednesday, and the week before, a third rating agency downgraded the US sovereign credit rating, predicting that US debt will jump from about 100% of GDP to 134% over the next ten years. This is far from the vision expressed by Trump in his March speech to Congress — he promised to “balance the budget in the near future.” The bill passed by the House of Representatives involves a series of tax relief measures for key groups of voters, including hourly workers, consumer earners, car buyers, and the elderly. Meanwhile, signals from the Senate suggest that Republicans are likely to cut spending further to ease financial pressure on other groups. “Everyone has had enough. Obviously, Washington doesn't have an 'adult' at all, and there is no accountability mechanism,” said John Fath, BTG Pacific's American asset management company. “How can they take responsibility? The answer is market price”.