President Donald Trump cut a deal with blue-state Republicans on taxes and put down an 11th-hour rebellion by conservatives over spending to get his “one big, beautiful bill” passed by the House.

But if he’s going to shepherd the signature legislative package of his second term through the Senate, he may have to reckon with an even more demanding constituency: customers for the ballooning amount of US debt.

With the yield on 30-year Treasury bonds again passing the 5% mark on Wednesday, the nation’s creditors injected a dose of harsh economic reality into Trump’s fiscal policy — and not for the first time. Last week, a third bond-rating provider lowered the US sovereign grade, projecting the nation’s debt surging to 134% of the size of the economy in 10 years, from roughly 100% today.

That’s a long way from the vision Trump offered in his March address to Congress, when he promised a balanced budget “in the near future.” The House bill features a bevy of new tax breaks for key political constituencies — tipped and hourly workers, car buyers and seniors. And indications from GOP senators suggest they’ll seek to pare back spending cuts to shield others from financial pain.

Trump’s lieutenants, including Treasury Secretary Scott Bessent, argue that the package will boost business sentiment and unlock spending and investment. Trump’s allies on Capitol Hill also see it as the centerpiece of the party’s legislative agenda, and a counterweight to the uncertainty prompted by Trump’s haphazard tariff policies.