Republicans brought the president’s tax cuts one step closer to reality, but Wall Street remains on edge about the fiscal costs.

Speaker Mike Johnson helped deliver a major victory for President Trump’s domestic agenda.Haiyun Jiang for The New York TimesBond investors squirm over the budget

House Republicans overcame bitter differences to deliver President Trump a major victory on Thursday.

Minutes ago, they narrowly passed a spending bill that packs in huge tax cuts and guts many of Joe Biden’s signature policies on student-debt relief and climate transition efforts.

The next hurdle is the Senate, where Republican lawmakers — especially those looking to preserve elements of Biden initiatives and Medicaid entitlements — could claw back some cuts. Whatever the outcome, investors remain worried about the costs. Bond yields ticked higher moments after Speaker Mike Johnson banged his gavel in triumph.

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Keep reading this article on Andrew Ross Sorkin – Author New York Times.

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