India, May 22 -- Asian stocks followed Wall Street lower on Thursday after longer-dated U.S. Treasury yields hit their highest levels in 18 months on concerns that a new budget proposal could swell the country's federal deficit.
U.S. President Donald Trump is championing an extension of his 2017 tax cuts, which analysts warn could add trillions to the federal government's already massive $36.2 trillion debt pile. The plan has sparked fears of an even wider deficit, especially as interest payments continue to soar.
Former Treasury Secretary Steven Mnuchin said during a panel discussion at the Qatar Economic Forum that he's more alarmed by the growing budget deficit than the trade deficit and urged Washington to prioritize fiscal repair.
T...