Swelling US debt could tip US markets into crisis as soon as next year, Wharton professor says

• Market chaos could come next year if the US doesn't adjust its fiscal path, Joao Gomes told CNBC.
• The Wharton professor pointed to the UK mini-budget crisis as a warning.
• The US can't afford to extend tax cuts next year, he said.

Congress needs to act fast to slow the alarming pace of US debt growth. If it doesn't adjust its fiscal trajectory soon, 2025 could be the year when markets start to roil, Wharton professor Joao Gomes warned.