Fiscal policy is less understood in financial markets than monetary policy due to the lack of high-frequency shocks. I construct such shocks by tracking revisions to forward-looking deficit targets throughout the Congressional budget resolution and reconciliation process. The shocks are unpredictable yet move deficit forecasts. A 1% deficit-to-GDP shock raises 10-year yields by 2.3 bps, two-thirds through real rates. Deficit news raises term premiums and lowers Treasury convenience yields. Stock market effects combine discount rate and cash flow channels, with the latter dominating at the ZLB. Growth-sensitive industries respond positively, suggesting a fiscal multiplier that monetary policy offsets when unconstrained.