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

EXCLUSIVE: More than 3 twelve authorities fiscal officers volition nonstop a missive to House Speaker Mike Johnson calling for enactment to assuage their "grave concerns" astir the national debt.

The consortium of treasurers, controllers and auditors volition archer Johnson, R-La., they hold with Arizona Republican Andy Biggs’ solution declaring the nationalist indebtedness a "threat to nationalist security."

"We person sedate concerns astir the nationalist debt. We concur with [legislation from Sen. Mike Braun, R-Ind., and Biggs, R-Ariz.]…"

"It gives america large intermission that we are speaking of our nation, which serves arsenic the beacon of state and accidental for the world," they wrote.

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"Control [the] indebtedness to support the states and American planetary leadership," work the taxable line, arsenic the authorities officials went connected to telephone for the transition of a semipermanent legislature program to reconstruct U.S. solvency.

The nationalist indebtedness – which measures what the U.S. owes its creditors – roseate to $35,965,533,024,604.05 arsenic of Nov. 14, according to the Treasury Department. That is up astir $15.2 cardinal from the fig reported the erstwhile day.

The nation’s archetypal Treasury secretary, Alexander Hamilton, wrote successful 1790 that the U.S. indebtedness "was the terms of liberty [and] the religion of America has been repeatedly pledged for it."

"To warrant and sphere their assurance and beforehand the expanding respectability of the American name… these are large and invaluable ends to beryllium secured by a due and capable provision… for the enactment of nationalist credit."

The U.S. fund was past balanced successful the years betwixt 1998 and 2001 during the Bill Clinton and George W. Bush administrations. Prior to that, erstwhile President Lyndon Johnson oversaw a balanced fund successful 1968.

"Balancing the fund and reducing spending are among the astir difficult, yet essential, actions you could take," the authorities fiscal officers wrote to Johnson:

"That is wherefore we person travel unneurotic to enactment you successful making these captious decisions."

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The National Debt Clock (Reuters)

They warned that the outgo of servicing the debt successful 2024 exceeded some $1 trillion and thereby the yearly outgo of Medicare payouts.

"America's fiscal stability, the dollar volition beryllium replaced arsenic the reserve currency, and we volition suffer our nation's presumption arsenic the planetary leader. To forestall this looming time of reckoning, which could easy hap wrong our and our children’s lifetimes, requires a committedness to statesman addressing this concern connected time one."

The officials expressed that a caller president and a caller Congress could mean a reset connected fiscal argumentation and perchance nutrient a "National Financial Restoration Plan" earlier July 4, 2026, erstwhile the U.S. turns 250 years old.

One avenue they suggested, which has been floated by President-elect Trump arsenic well, is to slash regulations and pat into "vast nationalist resources" and enactment them connected the market.

Alaska’s main fiscal officer, Adam Crum, was 1 of the signatories of the letter, and the antheral who appointed him – Gov. Mike Dunleavy – antecedently told Fox News Digital the authorities remains acceptable to enactment with immoderate medication consenting to utilize the Last Frontier’s lipid and state resources successful that way.

Biden, helium said, "is searching for lipid anywhere but astatine home."

Other signatories person precocious made quality with their ain belt-tightening endeavors, including Pennsylvania Treasurer Stacy Garrity – who precocious announced a $737 cardinal had been added to the state’s "Rainy Day Fund." 

Garrity said erstwhile she took bureau successful 2021 that it was 1 of the "worst reserve funds" of immoderate state, and praised some the Republican legislature and Democratic Gov. Josh Shapiro for their aid.

Iowa Treasurer Roby Smith added that the Hawkeye State excessively has adopted beardown budgeting practices and helium would similar to spot the aforesaid attack taken federally.

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Donald Trump Jr., Eric Trump, Speaker Mike Johnson and Vivek Ramaswamy during the UFC 309 lawsuit astatine Madison Square Garden connected Nov. 16, 2024, successful New York City. (Jeff Bottari/Zuffa LLC)

"Congress should look to Iowa arsenic an illustration of the benefits of keeping a balanced fund and limiting spending, and should spot a beardown accent connected applying these aforesaid principles astatine the national level," helium said.

"Our hard-won independency depends connected it," added Indiana Comptroller Elise Nieshalla.

Arizona State Treasurer Kimberly Yee said her "don’t walk much than you make" mantra needs to beryllium heeded by Washington.