The cost of producing a penny skyrocketed in recent years, reaching 3.69 cents, according to the Treasury Department.

The U.S. Mint has made its final order of penny blanks and plans to stop producing the coin when those run out, a Treasury Department official confirmed Thursday.

Axing the penny will save $58 million a year. The new tax-and-spending bill will add $3 trillion to the deficit over the next 10 years.

The Trump administration says making cents doesn't make sense anymore. The U.S. Mint has made its final order of penny blanks and plans to stop producing the coin when those run out, a Treasury Department official confirmed Thursday.

Federal Reserve Governor Christopher Waller said markets are demanding higher Treasury yields due to concerns about tax cuts widening the federal budget deficit.

The U.S. Treasury Department saw soft demand for a $16 billion sale of 20-year bonds on Wednesday with investors worried about the country's increasing debt burden as Congress wrangles with a tax and spending bill that is expected to worsen the fiscal outlook.

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.