STATEHOUSE—Indiana State Comptroller Elise Nieshalla joined with U.S. Speaker of the House Mike Johnson (LA), Sen. Rick Scott (FL), Rep. Josh Brecheen (OK), Gov. Mike Braun (IN) and a panel of experts from the Economic Policy Innovation Center, Club for Growth Foundation and State Financial Officers Foundation (SFOF) at the U.S. Capitol to spotlight the need to reign in the national debt.
“Joining our federal leaders, we sounded the alarm on the massive and rapidly growing $37 trillion national debt,” stated Comptroller Nieshalla, Chairwoman of the National Debt Crisis Task Force for SFOF. “I can attest to how state financial officers from across the country understand the gravity of this problem, and we are committed for the long haul to support our President and Congress to tackle deficit spending and the debt – and to restore America’s fiscal solvency.”
Comptroller Nieshalla provided the opening message, followed by remarks from Speaker Johnson, Sen. Scott, Rep. Brecheen, and a video message from Gov. Braun. They addressed the dangers of the rising national debt, the absolute need to get back to balanced budgets and how structural reforms are necessary to ensure long-term sustainability of critical programs so they are viable for the most vulnerable.
Also highlighted was U.S. Senate Resolution 600, which received a unanimous vote in 2024, for declaring that the debt is a national security threat and that deficit spending is “reckless, unsustainable and dangerous.” Gov. Braun authored this resolution while serving as U.S. Senator and recently the Indiana Senate overwhelmingly passed a resolution to mirror U.S. SR 600 in an effort to bring further awareness to Hoosiers on the severity of the U.S. debt problem.
Adding to a growing movement from the states calling for federal solvency, the American Legislative Exchange Council approved Indiana’s resolution on the national debt to serve as a model for other states nationwide to adopt.
“We are building monumental support from the states for dealing with the national debt for the sake of preserving our freedom, our dollar as the reserve currency and our global position of leadership,” said Comptroller Nieshalla.
The forum included statistics to highlight the severity of the debt threat:
- After 205 years of existence, the U.S. accumulated its first trillion dollars of debt, but now the debt increases by $1 trillion every handful of months.
- The annual interest payment on the debt is greater than each of the annual budgets for the U.S. Military and Medicare.
- The interest payment has become the fastest growing line item in the federal budget and is on the path to eclipse the size of the largest budget item — Social Security.
- The debt to GDP ratio is precariously high at over 120% and the debt per capita is $109,000.
“In hearing the determination from our national leaders to deal with this enormous challenge, one thing is clear – they need the support of the states,” said Comptroller Nieshalla. “There is tremendous good, but hard work ahead of them to turn the huge ship of the nation’s finances from going off course and off the fiscal cliff. Support from the states back home is the needed wind under their sails.”
