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This is Marketplace.

I'm Kyle.

I'm Kyle.

It is Wednesday. Today, the 14th of May. Good as always to have you along, everybody.

I'm going to tell you one thing you probably knew already as we get going today. I'm going to tell you one thing you might have missed.

And then Matt Levin's going to tell you why it matters. The thing you know is that the national debt of the United

States is a lot. As of right now, a bit more than $36.2 trillion. A big chunk of that $36.2 trillion

is financed by U.S. Treasury bonds, government debt that has historically been eagerly gobbled up by

investors around the world as one of the safest of assets anywhere.

The thing you might have missed is that the Republican-controlled House Ways and Means Committee passed an early version of President Trump's tax bill today, conservatively expected to add another $3.8 trillion to that pile of national debt over

the next 10 years. Historically, as I alluded to a minute ago, bond investors have snapped up

whatever new debt the U.S. government has been issuing. This time around, here's Matt from the

Marketplace Desk of Bond Vigilantes. So back in 2022,

conservative UK Prime Minister Liz Truss unveiled a big new 45 billion pound tax cut. None of it was

really paid for and the Brits already had a ton of national debt, but the theory was the cuts would

...