Don't mix up the deficit and the debt (and the internal and external debt).

US debt, especially internal debt, is somewhat artificial. For a given level of deficit - the US federal government has been choosing mostly to create debt, i.e. borrow, instead of creating money. So, it has been accruing more and more debt. This can be changed not just for the future, but retroactively, by creating an amount of money with which to pay those parts of the federal debt which the government wishes to disappear. There are some technical details here (e.g. Federal Reserve vs government action etc.; for which reason a suggested method for this has been minting Trillion-dollar coins: https://en.wikipedia.org/wiki/Trillion-dollar_coin), but of course the main obstacle is socio-political.

I said "for a given level of deficit", but of course that is not a given: The federal government can increase overall taxation (or decrease overall spending). It has been decreasing taxes affecting large corporations and the wealthy, massively over past decades - a significant reason for the deficit.

Not that I expect the US government to suddenly change its course of action, since the current arrangements work well for some (even if poorly for most).

As for "the free market", that's just a contradiction in terms, markets are never free, "efficiency" is to a large extent a value judgement, and the larger owners of capital are rarely allowed to fail. It is more likely they would just have the entire economy be forced to bail them out via government action.