Over three dozen state financial officers have come together to send a letter to House Speaker Mike Johnson, expressing their deep concerns about the national debt. They agree with a resolution declaring the national debt a threat to national security and call for immediate action to address the issue.
The national debt, currently standing at over $35 trillion, has been a growing concern for these officials. They emphasize the importance of controlling the debt to protect the states and maintain American global leadership.
Highlighting the historical significance of managing debt, the officials reference Alexander Hamilton's words from 1790, stating that the U.S. debt is tied to the country's liberty and reputation.
With the last balanced U.S. budget dating back to the late 1990s and early 2000s, the financial officers stress the urgency of balancing the budget and reducing spending. They warn that failure to address the debt could lead to severe consequences, including the loss of America's financial stability and global leadership status.
The officials propose the development of a National Financial Restoration Plan by 2026, suggesting measures such as cutting regulations and leveraging national resources to alleviate the debt burden.
Signatories of the letter, including financial officers from Alaska, Pennsylvania, Iowa, Indiana, and Arizona, have all taken steps within their states to strengthen financial reserves and promote responsible budgeting practices.
They urge Congress to follow their lead and prioritize fiscal responsibility at the federal level to safeguard the nation's economic future and independence.
