Soaring federal debt could destroy America’s freedom of economic action. That’s the warning from the Congressional Budget Office chief, Phillip Swagel. He reckons our “unprecedented” debt risks a “Liz Truss-style market shock,” as the Financial Times puts it. That’s the meltdown that hit Great Britain when the ex-premier pitched a pro-growth tax cut plan. Markets and the International Monetary Fund in effect told Britons they couldn’t afford it.