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Treasury yields are ticking higher as investors assess the chance of Trump’s deep tax cuts actually becoming reality following a successful House vote.

The Republican-controlled chamber voted narrowly late Tuesday to send the president’s tax-cut and border security plans to the Senate, keeping his pledges alive.

The 217-214 vote in favor came after hours of lobbying holdouts by House Speaker Mike Johnson and colleagues. But the measure is just a preliminary step toward delivering on the $4.5 trillion plan for tax cuts.

Yahoo Finance’s Ben Werschkul reports on the challenges facing Trump:

House Republicans have taken the first step to keeping Donald Trump’s push for “one big beautiful bill” alive this week with a budget resolution that will set the parameters of any deal.

But the challenge remains of making space for even a sliver of Trump’s 17 different tax cut ideas.

Even the smallest estimates of Trump’s varied tax promises put the tab at about $10 billion. The higher-side projections amount to much more: almost $18 trillion in new red ink over the coming decade.

Meanwhile, Johnson and his colleagues are putting aside space for, at most, $4.5 trillion for tax cuts as part of an overall bill that would be paired with about $1.5 trillion in spending cuts.