The U.S. dollar fell for a third day against a range of currencies on Wednesday, as investors worried about the Trump administration's tax cut and spending bill, with Republicans still divided over the details of the legislation.

Gold prices surged as political tensions in the U.S. and a weakening dollar drove investors toward safer assets. Uncertainty around President Trump's tax bill and concerns over national debt further fueled the rally.

Dollar is down on the year against every major currency. Donald Trump's tax bill would add $3 trillion to $5 trillion to the country's debt.

The dollar is falling way too fast. On Wednesday, the Bloomberg Dollar Spot Index dropped by 0.4%, logging its third straight day of losses and hitting its lowest point in two weeks.

Gold rose as the dollar tumbled after Moody’s Ratings stripped the US of its last top credit rating due to ballooning debt and deficits.Most Read from BloombergAmerica, ‘Nation of Porches’Maryland’s Credit Rating Gets Downgraded as Governor Blames Trump NJ Transit Train Engineers Strike,

The yield on both 10 and 30-year government bonds rose on Monday after another credit ratings agency downgraded the US on Friday.

Developments in Trump's global tariff war, which have swung currencies wildly in recent months, have slowed considerably this week, even as the clock ticks down to the end of 90-day tariff respites for U.S. trade partners in the absence of new trade deals.

The dollar slipped again Tuesday, weighed down by the Federal Reserve’s caution over the economy while traders considered news of upcoming U.S.-Japan talks.