President Donald Trump’s “big, beautiful” tax bill risks sharply increasing the US public debt, sparking alarm among investors and fuelling questions over how long the world will finance Washington’s largesse.
US long-term borrowing costs rose at the start of this week, after a congressional committee on Sunday advanced a budget bill that is estimated to add trillions of dollars to the federal deficit over the next decade by extending tax cuts. The bill progressed after Moody’s on Friday stripped the US of its pristine triple-A credit rating.
The bill and credit downgrade have added to anxiety over the sustainability of US public finances at a time when many investors and analysts say the debt and deficit are at uncomfortably high levels.
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