Wall Street saw one of its most brutal selling sessions overnight in over a month as rising deficit worries led to a spike in bond yields, which in turn hit sentiment around equities. The run-up seen from lower levels also was a big factor in investors choosing to take money off the table as uncertainties rose.

Republican tax bill could cost $3.8 trillion over 10 years as its tax cuts surpass spending reductions, according to one analysis.

The U.S. government posted a $258 billion budget surplus for April, up 23%, or about $49 billion, from a year earlier, reflecting strong tax receipts in the final month of the tax season and record collections of import duties,

To attract buyers for the bonds that will finance that deficit, the federal government will have to pay higher interest rates.

As House Republicans continued their efforts to advance what President Donald Trump calls his "big, beautiful bill" of tax and spending cuts, White House Press Secretary Karoline Leavitt played down the bill’s expected federal deficit impact.

Former Treasury Secretary Steven Mnuchin said he’s more alarmed by the country’s growing budget deficit than its trade imbalances.

Treasury Secretary Scott Bessent downplayed the U.S. credit downgrade as a "lagging indicator" of economic and fiscal conditions, after Moody's took the U.S. off its top tier.

The U.S. government posted a $258 billion budget surplus for April, up 23% from a year earlier, reflecting strong tax receipts in the final month of the tax season and surging collections of import duties,