The most consequential news item of the moment isn’t about the Democratic primary. It’s not about Huawei or Middle East peace talks, and it’s not even about the impeachment trial that both parties swear is the showdown of the century.

A report released by the bipartisan Congressional Budget Office confirms we’re at risk of a fiscal crisis. Absent any major change in nondiscretionary spending, the United States is expected to hit annual deficits of more than $1 trillion indefinitely. But more alarming is the projection that our debt-to-GDP ratio won’t just stay around the 100% threshold achieved during the historically high spending of World War II — we’re slated to blow it out of the water. In 30 years, the CBO estimates that federal debt held by the public will reach 180% of GDP. That’s 30 points higher than the agency projected last June.