The US debt crisis is entering uncharted territory: Net interest, social security, medicare, healthcare spending, and veterans' benefits currently consume 98.4% of total federal government receipts, near the highest proportion on record. This figure has surged +28 percentage points since 2022 and is only below the 2020 pandemic peak of ~99.0%. Net interest alone has nearly tripled as a % of revenue, to a record 19.7%, accounting for roughly half of that +28 percentage-point increase. By comparison, during the 2008 Financial Crisis, these expenditures did not exceed 90% of federal receipts. In other words, mandatory spending and interest costs now consume nearly every Dollar the federal government collects. What is the long-term plan here?(The Kobeissi Letter)