Democrats believe the proposed House spending bill will be “responsible for pushing up the cost of owning a home,” according to a Fortune report.
The report added that Democrats also believe the bond markets are now revolting “against the prospect of trillions of dollars in new borrowing added on top of the national debt.”
“Trump and Republicans are directly responsible for the spike in the 30-year Treasury bond yield and mortgage rates,” Congressman Ted Lieu (D-CA) posted on X.
The average cost of a 30-year fixed-rate mortgage hit 6.86% this week, according to data from U.S. state-owned property lender Freddie Mac.
“They will still, with their tax bill, be adding over $4 trillion to the national debt to cover their tax break for the wealthiest people in our country,” former House Speaker Nancy Pelosi said on the floor of Congress.
She went on to add, “This is Robin Hood in reverse: taking resources from where it is most needed, the people who need it most, and giving it to those who need it least.”
It’s not just Democrats who are calling out the GOP. Fortune reports, “Investors are gradually reassessing their financial risks under the current administration.”
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They report Swiss bank UBS anticipates that “international investors will reverse 60% of their five-percentage-point increase in ownership of U.S. equity markets since 2018.”
“We think there has been a fundamental shift in how institutional investors view their U.S. exposure,” the Swiss bank wrote in a research note.
“It is taking away healthcare for nearly 14 million Americans, it is the biggest cut to food programs we’ve ever seen,” House minority whip Rep. Katherine Clark (D-MA) said on Thursday. “What we have is a bill that is almost like it’s constructed by cartoon villains.”
Fortune reached out to the White House for comment and is awaiting a response.