The US House Procedures Committee reviewed Trump's tax cut budget plan on May 21. Republican members are pushing hard to get Trump's "Big and Beautiful" budget plan approved in the House. However, concerns persist in the market that this budget could lead to uncontrolled deficits for the US federal government, causing a decline in US bonds and stocks on Wednesday.

The Dow Jones Industrial Average opened down 360 points, or 0.84%, on Wednesday, while the S&P 500 index fell by 0.5% and the Nasdaq Composite Index dropped by 0.34%. The yield on the benchmark US 10-year Treasury bonds rose to 4.53%, and the 30-year bond yield returned to above 5%, reaching levels seen after Moody's downgraded the US credit rating. Rising bond yields indicate falling prices.

House Speaker Johnson stated that an agreement has been reached within the Republican Party to push for the passage of Trump's budget plan, despite earlier fierce opposition from the party's fiscal hawks, which had led to a deadlock. According to the latest research from the Congressional Budget Office (CBO), this budget plan would increase the current $36 trillion national debt burden by an additional $3.8 trillion over the next decade. Additionally, the budget will cut $1 trillion from social welfare programs such as Medicaid and food stamps, reducing the resources available to the poor while providing tax benefits to the wealthy.

Trump views this budget plan as a significant achievement and is urging Congress to pass it as soon as possible.