The US debt crisis is worse than ever before: In May, the US Treasury posted a 316 billion deficit, the third largest ever recorded. Over the last 12 months alone, the budget gap has hit 7% of GDP. This is even higher than during the 2001 or the 1980s recessions. Now, there is a 97% chance of the debt ceiling being hiked again, per @Kalshi. 40 trillion in US debt is on the horizon.