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’s quiet corner is making noise again.

While the bond market is typically seen as slower moving, it can pack a heavy punch when it’s alarmed. And right now, it’s getting worried about how much more Washington is preparing to pile onto its spiraling mountain of debt because of its desire to cut taxes.

The House of Representatives approved a bill of tax breaks early Thursday that could add trillions of dollars to the federal government’s debt, and it’s heading to the Senate next. Worries about the U.S. debt have sent yields jumping in the bond market, which in turn has shaken the stock market. The S&P 500 is potentially heading toward its worst week in seven.