Financial firms are sounding fresh alarms over Washington’s fiscal path as the Trump administration advances a sweeping spending package that analysts say would swell deficits even in the absence of an economic downturn or other emergency. The legislation, details of which have not been fully released, is expected to lock in what traders describe as crisis-level deficits for years, adding to an already record federal debt load. U.S. government liabilities now stand above $36.2 trillion, or roughly 120 percent of gross domestic product, according to Treasury data. Bond investors have already demanded higher compensation: the 30-year Treasury yield breached 5 percent in May for the first time since 2007 and remains elevated around 4.8 percent. The dollar has fallen more than 10 percent this year, reflecting diminished demand for Treasuries that traditionally serve as a haven in periods of market stress. The growing burden has begun to sway credit assessments. Moody’s stripped the United States of its top triple-A rating in May, warning that rising interest costs threaten long-term debt sustainability. Asset managers say the proposed spending bill reinforces that view, suggesting fiscal profligacy has become entrenched in U.S. policymaking and could push borrowing costs higher still if investors continue to seek alternatives to Treasuries.