The bond market has a sleepy reputation, but it can pack a punch when alarmed. And worries are now growing about tax cuts pushed by Washington and how they'll inflate the U.S. government's debt.

Wall Street slumped under the weight of pressure from the bond market, where Treasury yields climbed on worries about the U.S. government’s spiraling debt and other concerns.

Stocks are drifting on Wall Street Thursday following a rocky week so far because of worries coming out of the bond market about the U.S. government’s debt.