The big, bad bond market could derail Trump’s big, beautiful bill

Traders watch prices in the 10-year Treasury note options pit in March 2011 in Chicago. | Scott Olson/Getty Images

To pass a law in the United States, you need to jump through a lot of hurdles. 

A bill has to first clear a committee in the House or Senate. (In the case of Republicans’ tax legislation this year, its components had to clear 11 different committees.) The House Rules Committee has to agree for it to come to the floor for a vote. It has to pass that vote. In the Senate, it...