CASPER, Wyo. — Thirty-seven state financial officers from across the U.S., including Wyoming State Treasurer Curt Meier, sent a letter to Congress this week urging it to take action to address the country’s growing national debt.
The letter, signed by representatives from 37 states, expresses “grave concerns” about the national debt and calls for a long-term plan to restore the country’s financial solvency.
The letter highlights some “deeply concerning” facts about the U.S. financial situation, including:
- In fiscal year 2023, the federal government collected $4.5 trillion in revenue but had expenditures of $6.3 trillion, resulting in a deficit of $1.8 trillion.
- The cost of servicing the national debt in fiscal year 2024 increased by 30% from the previous year to over $1 trillion, exceeding the annual cost of Medicare and the military.
- The national debt is $36 trillion and increasing by nearly $2 trillion per year.
The letter also notes that the federal government’s spending has increased by nearly 50% since 2019, which has worsened the country’s financial position. The officers warn that if the debt is not addressed, the U.S. risks losing its status as a global leader.
“Our country’s national debt has gotten out of hand and there is no relief in sight,” Meier said. “This is an issue that should be a ‘day one’ priority from our Congressional leaders, regardless of their political affiliation.”
The officers urge Congress to take the following actions:
- Ensure that total federal spending in 2025 is less than in 2024.
- Create a concrete plan to balance the federal budget as soon as possible.
- Cut red tape and tap into the country’s natural resources to unleash economic prosperity.
The officers believe these actions, combined with the country’s energy resources and advanced technologies, will help the U.S. climb out of its debt. They are calling for a national financial recovery plan to be ratified by 2026, when the country will celebrate the 250th anniversary of the Declaration of Independence.
“We need to take this action in order to ensure that future generations are not overburdened with reckless spending,” Meier said. “Our debt will continue to spiral out of control if we do not take immediate action.”
The letter is attached below:
NOTE: AI tools assisted in the publication of this press release.
