The US debt crisis is intensifying: Total US debt reached a record 98.8 trillion in Q2 2025, equal to 324% of GDP. Federal government debt rose to 35.6 trillion in Q2, but the most recent data shows it has reached 37.5 trillion, or 123% of GDP. Nonfinancial corporate debt hit 21.9 trillion, representing 72% of GDP. Financial corporate debt totaled 20.9 trillion, or 69% of GDP. Household debt reached 20.5 trillion, corresponding to 67% of GDP. America has never been this indebted.(The Kobeissi Letter)