New Delhi, March 7 -- History tells us that large and rapidly growing debt in major economies often foreshadows a financial crisis. It also tells us that close global cooperation and trust in U.S. leadership have been critical to preventing and resolving such a crisis.

The Congressional Budget Office's latest report on the trajectory of the U.S. federal debt paints a bleak picture. The debt load will surpass $56 trillion by 2036, or 120% of gross domestic product, with no apparent will by either major party to curb its growth. Reflecting market concerns, yields on 10-year U.S. Treasury have risen over the past six months, even though the Federal Reserve cut short-term rates.

Simultaneously, the global political order is breaking apart. ...