The U.S. risks a bond market crisis of the kind that engulfed the U.K. 18 months ago, which sent yields soaring and sparked a run on the pound, according to Congress’s independent fiscal watchdog, CNN reported. The stark warning from the Congressional Budget Office (CBO) comes as U.S. government debt continues to break records, fueling concerns about the burden that places on the economy and taking a toll on America’s credit rating. In an interview, CBO director Phillip Swagel said U.S. government debt — which the Treasury Department puts at nearly $35 trillion — is on an “unprecedented” trajectory. “The danger … is what the U.K. faced with former Prime Minister (Liz) Truss, where policymakers tried to take an action, and then there’s a market reaction to that action,” he said, referring to the investor backlash against plans for unfunded tax cuts that forced Truss to resign after just 45 days in office. The U.S. was “not there yet,” Swagel said, but as higher interest rates raise the cost of paying its creditors, on track to reach $1 trillion per year in 2026, bond markets could “snap back.” Britain’s bond market rout in September 2022 offered a cautionary tale of what can go wrong when investors reject a government’s plan to borrow more.