The U.S. House Procedure Committee discussed Trump's tax cut budget plan on May 21. According to Reuters, Republicans are striving to pass Trump's "big and beautiful" budget plan in the House today. However, there are ongoing concerns that this budget plan will exacerbate the federal deficit, leading to a decline in U.S. stocks on Wednesday.

The Dow Jones Industrial Average opened down 360 points, or 0.84%; the S&P 500 index fell by 0.5%; and the Nasdaq Composite index declined by 0.34%. Meanwhile, the yield on the benchmark 10-year U.S. Treasury bond reached 4.53%, while the 30-year yield bounced back above 5%, both returning to levels observed after Moody's downgraded U.S. credit ratings on Monday. The rise in bond yields indicates a decrease in prices.

House Speaker Johnson stated that a consensus has been reached among Republicans to push the passage of Trump's budget plan. This proposal faced strong opposition from fiscal hawks within the party, causing a previous deadlock. The latest study by the Congressional Budget Office (CBO) indicates that this budget plan will contribute an additional $3.8 trillion to the current $36 trillion in national debt over the next decade. It will also cut $1 trillion from social assistance programs like Medicaid and food stamps, reducing government resources available to the poor, while the wealthy will benefit from tax cuts.

Republicans worked tirelessly over the weekend to ensure the budget plan passed through the House Finance Committee. Trump views this plan as a significant achievement and urges Congress to pass it as soon as possible.