Debt: Is there another crisis looming?

A widespread US debt crisis is unlikely but, over the next few years, over-leverage in the non-financial corporate sector, particularly the oil & gas, utilities and telecoms industries, could trigger a rise in defaults and a rebound in corporate bond spreads. In the longer-term, the biggest risk is a public debt crisis, with the Federal debt burden on track to reach 100% of GDP within another decade’s time.