Exclusive: More than 30 state treasurers have sent a letter to House Speaker Mike Johnson asking for action to allay “serious concerns” about the nation's debt.
A coalition of treasurers, managers and auditors will tell Johnson, R-Louisiana, that it agrees with the Arizona Republican's opinion. andy biggs The resolution declared the country's debt a “threat to national security.”
“We have serious concerns about the national debt. [legislation from Sen. Mike Braun, R-Ind., and Biggs, R-Ariz.]…”
“It gives us pause that we are talking about a country that serves as a beacon of freedom and opportunity for the world,” they wrote.
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“control [the] “A debt to protect our state and America's global leadership,” the subject line read, as state officials went on to call on Congress to pass a long-term plan to restore America's solvency.
The national debt, which measures the amount the United States owes its creditors, increased to $35,965,553,024,604.05 as of Nov. 14. According to the Ministry of Finance. This was an increase of about $15.2 billion from the figure reported the previous day.
The first Secretary of the Treasury, Alexander Hamilton, wrote in 1790 that America's debt “was the price of freedom.” [and] The American faith has been repeatedly sworn to that end. ”
“To justify and preserve their confidence, and to promote the advancement of the honor of the American name…These are great and valuable objectives, which should be secured by proper and proper provisions for the support of public credit.” is.”
The last time the U.S. budget was balanced was between 1998 and 2001, during the administrations of Bill Clinton and George W. Bush. Prior to that, former President Lyndon Johnson oversaw a balanced budget in 1968.
“Balancing the budget and reducing spending is one of the most difficult but essential actions we can take,” state treasurers wrote to Johnson.
“That's why we've come together to support you as you make these important decisions.”
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National Debt Clock (Reuters)
They warned that debt servicing costs in 2024 would exceed $1 trillion, thereby exceeding Medicare's annual payment costs.
“If America's finances stabilize, the dollar will replace us as our reserve currency, and we will lose our country's position as a world leader. To prevent this impending day of reckoning from happening, you need to commit to: Start addressing this situation from day one.
Officials said a new president and a new Congress would mean a fiscal policy reset, with the possibility of a “national fiscal recovery plan” in place by July 4, 2026, when the U.S. celebrates its 250th anniversary. .
One path they proposed is to cut regulations and tap into “vast national resources” to market, something President-elect Trump has also proposed.
Alaska Chief Financial Officer Adam Crum, one of the letter's signatories, and Gov. Mike Dunleavy, who appointed him, previously told FOX News Digital that the state would use Last Frontier oil. He said he is ready to work with any government that is willing to do so. Gas resources will also be utilized in the same way.
“We're looking for oil everywhere but domestically,” Biden said.
Other signatories have recently been in the news for their own urgent efforts, including Pennsylvania Treasurer Stacey Garrity, who recently announced that $737 million was added to the state's “Rainy Day Fund.” announced.
Garrity said When he took office in 2021, he said the fund was one of the “worst reserve funds” in any state and praised the support of the Republican Legislature and Democratic Gov. Josh Shapiro.
Iowa Treasurer Robbie Smith added that the Hawkeye State has strong budgeting practices and would like to see a similar approach taken by the federal government.
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Donald Trump Jr., Eric Trump, Chairman Mike Johnson and Vivek Ramaswamy during the UFC 309 event at Madison Square Garden on November 16, 2024 in New York City. (Jeff Bottari/Zuffa LLC)
“Congress should look to Iowa as an example of the benefits of balancing budgets and limiting spending, and focus on applying similar principles at the federal level,” he said. .
“Our hard-won independence depends on it,” added Indiana State Comptroller Elise Nishara.
Arizona State Treasurer Kimberly Yee said her mantra of “spending less than you earn” needs to be heeded by Washington.
