Trump will get ‘punched in the face’ by markets if his spending bill passes without a plan for national debt and tariffs, says Wharton professor

• Donald Trump’s sweeping tax reform bill, pitched as a boost to economic growth and middle-class income, promises major tax cuts and incentives but is raising alarms among economists who warn it could significantly worsen the national debt. While the administration touts growth and deficit reduction, experts argue the plan benefits the wealthy, risks long-term fiscal instability, and relies on overly optimistic projections.

On the campaign trail, then-Republican nominee Donald...