Based on what?Again, the crisis (meaning, the fiasco surround it): yes, manufactured. The fact that we are perpetually running up against the debt ceiling is a real (ongoing) crisis.
Demand for our treasury bonds is large. 60% of our debt is owned by us or is one part of our government owing another part and our largest foreign holders are two allies and one friendly competitor that has no interest in seeing us default.
Is large long term sustained debt ideal? No. Is it currently a crisis? No.