CNBC Daily Open: Trump's 'Big, Beautiful' Tax Bill Might only Be a Short-Term Boost to the U.S. Economy

Trump's 'Big, Beautiful' $3.8 Trillion Bill Squeaks Through House: Expert Says It Will 'Boost The Economy In The Short Term,' But Worsen Deficits - JPMorgan Chase (NYSE:JPM), SPDR Dow Jones Industrial Average ETF (ARCA:DIA)

US House of Representatives passed Trump's $3.8 trillion tax-and-spending bill, sending 10-yr Treasury yields to 5.15%.

CNBC Daily Open: Trump's 'big, beautiful' tax bill might only be a short-term boost to the U.S. economy

Further into the future, the bill will likely saddle America with a higher fiscal deficit, as tax cuts are coupled with increased spending on defense.

Investors don’t love Trump’s ‘big, beautiful’ tax bill - The Boston Globe

The proposal has reignited long-standing concerns that runaway federal spending will drive up borrowing costs for everyone, not just the government.