The last two times the United States owed more than its annual economic output, the country was either fighting a world war or shutting down due to a pandemic. As of March, it's happened again — this time without an emergency to point to. Treasury debt held by the public reached roughly $31.26 trillion, narrowly outpacing the $31.21 trillion in nominal GDP for the trailing 12 months, according to Tony Romm in The New York Times , citing analysis from the Committee for a Responsible Federal Budget. Capitol Hill barely flinched. Over the past year, Republicans have passed tax cuts projected to add more than $4 trillion to the debt, approved a $1.5 trillion Pentagon increase — the largest such hike since the Cold War — and gone to war with Iran. Despite controlling Congress, they have cut almost nothing.…