Padding around text box

Hey all,
All of a sudden, any new text box I create has a significant amount of padding around it. It was never this way before but now every box I create is like this. There is no inset specified in the text box options, and there is no stroke applied or any effects selected. It's just there for every text box. As a workaround I can copy an old box and add new text to it but this is obviously not the desired solution.

Any thoughts here? Please and thanks.