“We are building a movement from the states to support federal leaders in tackling the massive problem of deficit spending and $38 trillion of debt,” said Comptroller Nieshalla. “Our letter was sent with a great sense of urgency from back home in the states.”
Building on early momentum, 37 financial officers sent an initial letter to President Trump and Congress a year ago that captured the attention of leaders eager to get involved. As a result, the first National Debt Crisis Forum was held at the Capitol this fall, bringing together key leaders including Speaker Mike Johnson (R-LA), Senator Rick Scott (R-FL) and Congressman Josh Brecheen (R-OK).
This latest letter provides an additional opportunity for elected officials from the states to sound the alarm in unison on the severity of the debt problem.
The letter emphasizes:
- The national debt has surpassed $38 trillion — equal to $112,000 per person
- Annual interest payment now exceeds the budgets of the U.S. Military and Medicare
- Impending insolvency of Social Security trust funds by 2033, likely resulting in more than a 20% reduction that equates to a $16,500 decrease of benefits on average per couple
- The reality of saddling younger Americans with an unsustainable fiscal future, while leaving our oldest and most vulnerable citizens in need of assurances
The coalition of state leaders urges the President and Congress to take the following actions:
- Implement a concrete plan to put the federal government on a path to a balanced budget as soon as possible.
- Unleash economic prosperity by cutting red tape and tapping into our nation’s vast natural resources with a timeline for reducing the debt that is empowered by a growing economy.
- Evaluate how to maximize taxpayer savings by rolling back the costly and burdensome requirements that accompany federal funds sent to states. In return, states are empowered to increase efficiency, innovation and positive outcomes in the use of these dollars.
Legislatures across the country also have the opportunity to further build this movement by passing a resolution on the seriousness of the national debt, modeled after U.S. Senate Resolution 600 and Indiana Senate Resolution 51 that both passed with overwhelming bipartisan support.
The letter sets a target date of July 4, 2026 — America’s 250th Anniversary — for approving a long-term debt reduction plan to restore our country’s financial strength and independence.
