WASHINGTON — The ledgers of tomorrow, as read by today's sharpest speculators, tell a grim tale for the republic's finances. Prediction markets on Kalshi have priced the U.S. national debt reaching an all-time peak under the Trump administration at a staggering 98%, leaving scarcely a sliver of doubt in the trading pits. At $42,906 in fresh daily volume, this is no idle wager — real money is riding on red ink.

The stakes are considerable. America's national debt already exceeds $34 trillion, and market consensus anticipates that a combination of proposed tax cuts, elevated defense spending, and compounding interest payments will drive the figure to uncharted territory well before January 2029. At 98%, prediction markets are, for all practical purposes, treating this outcome not as probability but as arithmetic.