House passes spending bill, stock pressures, bitcoin: 3 Things

Let's get to the three things that you need to know today. First up, President Trump's tax bill is headed to the Senate. The multi-trillion dollar package narrowly passed the house this morning after Republican leaders released a new version of the bill that would speed up cuts to Medicaid and included a higher limit on state and local tax deductions. The bill would avert a year-end tax increase, but would add to the US debt burden. It now heads to the Senate where groups of Republicans are pressing for extensive change.

Plus, in the market, treasury yields soaring and adding pressure to risk appetite. The 30-year bond yield trading close to its highest level since 2007 amid growing deficit concerns with the president's tax bill heading to the Senate. Now, stock futures falling in tandem with bonds amid growing fiscal risks here in Washington. We are mixed right now.

And the Bitcoin rally powering on, the digital asset hitting fresh highs of 111,000 above right now. That's the first time that it has seen that level. Traders have grown increasingly bullish on the prospects for Bitcoin amid mounting institutional demand and support from President Trump's administration with key stablecoin legislation growing closer to a passage in the US Senate. Bitcoin's latest milestone coming as Trump prepares to meet with the biggest holders of his meme coin at a dinner at his golf club just outside Washington later today.