A lot of the coverage for why the bond market doesn’t like the “big, beautiful bill” focuses on the fact that its policy changes will increase government debt by slashing taxes without raising anywhere near an equal amount of revenue elsewhere.

Trump is trying to push his 'big beautiful tax and spending bill through Congress. Here's who would benefit the most – and who could get hurt.

The reforms could impact millions by tightening eligibility, shifting program costs, and limiting future benefit increases.