Wall Street executives are sounding alarms over President Donald Trump’s tax bill, cautioning that the GOP-led plan to extend 2017 tax cuts could destabilize the U.S. bond market and drive up borrowing costs, as concerns mount over ballooning federal deficits, The Washington Post reported.

Wall Street leaders privately caution the Trump administration that a Republican tax bill advancing through Congress could unsettle the bond market, increase U.S. borrowing costs, and jeopardize broader economic stability, according to more than a dozen sources familiar with the discussions.

The legislation, recently passed by House Republicans, is projected to add $2.3 trillion to the national debt over 10 years and more than $5 trillion, including interest and expected future extensions, according to the nonpartisan Committee for a Responsible Federal Budget. It also includes increased defense spending and immigration enforcement, Trump’s top legislative priority.

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