CHEYENNE – Wyoming Treasurer Curt Meier has added his voice in urging Congress to address the growing national debt.
Meier cosigned a letter with 36 other state financial officers that was recently sent to each member of Congress, asking them to implement a long-term plan to reign in the national debt. Addressed to Speaker of the House Mike Johnson, R-Louisiana, the letter agrees with Senate Resolution 600 and House Resolution 190 in calling the federal fiscal situation a national security threat and “unsustainable, irresponsible and dangerous.” The letter highlights the $1.8 trillion difference in between the federal government’s $4.5 trillion in revenue and spending of more than $6.3 trillion. The letter also highlights the fact the interest payment on the $35 trillion national debt exceeds both the budget for national defense and Medicare.
“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 letter also states the nearly 50% increase in federal spending since 2019 has continued well beyond the COVID-19 public health emergency. The letter claims the fiscal crisis is many decades in the making and not addressing that the problem presents the risk of the nation’s creditors questioning its financial stability and replacing the U.S. dollar as the reserve currency. The financial officers believe that outcome can happen within their or their children’s lifetimes and needs to be addressed on “Day One.”
“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.”
