The US is running a crisis-sized budget deficit, with no crisis.

US federal budget deficit versus the euro area (all levels of government), 2000 to 2026. Percent of GDP. Below zero is a surplus.

Why this is happening

Both parties have raised spending and cut taxes, and neither will touch the big programmes that drive the gap.
Rising interest on the debt now piles on top of the regular shortfall.
Because the world keeps buying Treasuries, there is no market pressure forcing a fix, so the deficit just runs.

The take

Deficits this size used to be the emergency lever. Now they are the baseline, which means there is nothing held in reserve for when a real emergency arrives.

Source: CBO, OMB (2026)