Dozens of state financial officials warn new Congress of national security implications of ignoring US debt

A coalition of more than three dozen state financial officers is set to send a letter to House Speaker Mike Johnson, urging action to address their “grave concerns” about the national debt. The group, which includes treasurers, controllers, and auditors from various states, will echo Arizona Republican Andy Biggs’ resolution declaring the national debt a “threat to national security.”

In their letter, the state financial officers express deep worry about the national debt and voice their support for legislation proposed by Sen. Mike Braun and Rep. Biggs. They emphasize the importance of controlling the debt to protect the states and maintain American global leadership.

The national debt currently stands at a staggering $35,965,533,024,604.05, as reported by the Treasury Department. This figure continues to rise, highlighting the urgent need for a long-term congressional plan to restore U.S. solvency.

Quoting Alexander Hamilton, the nation’s first Treasury secretary, the state officials underscore the significance of maintaining public credit and financial stability. They stress the critical need for a balanced budget, a feat last achieved during the administrations of Bill Clinton and George W. Bush.

The state financial officers warn that failure to address the national debt could have dire consequences, including the loss of America’s financial stability and global leadership. They urge Speaker Johnson to prioritize fiscal responsibility and make tough decisions to tackle the growing debt.

One proposed solution involves slashing regulations, tapping into national resources, and putting them on the market. Alaska’s chief financial officer, Adam Crum, and other signatories advocate for leveraging the state’s oil and gas resources to bolster the economy.

Pennsylvania Treasurer Stacy Garrity, who recently bolstered the state’s “Rainy Day Fund,” emphasizes the importance of prudent financial management. Iowa Treasurer Roby Smith echoes this sentiment, highlighting the benefits of balanced budgets and limited spending.

The state financial officers call on Congress to follow the examples set by states like Iowa and Pennsylvania in managing finances responsibly. They stress the urgency of addressing the national debt before it spirals out of control, jeopardizing America’s future.

As the nation approaches its 250th anniversary, the state financial officers urge a reset on fiscal policy and the implementation of a “National Financial Restoration Plan.” They emphasize the need for bipartisan cooperation and decisive action to safeguard America’s economic future.

In conclusion, the state financial officers emphasize the importance of fiscal responsibility, urging lawmakers to prioritize debt reduction and prudent financial management. By addressing the national debt head-on, they believe America can secure its financial stability and global leadership for generations to come.