Kansas State Treasurer Steven Johnson joined 36 other state financial officers from 28 states in sending a letter to each member of congress urging them to develop and implement a long-term plan to remedy the nation’s serious financial problems. Johnson says the expanding national debt and unrestrained federal spending is a threat to our economic system and to our national security. He cites that in 2023, the federal government collected $4.5 trillion in revenue but spent more than $6.3 trillion – growing debt by $1.8 trillion. In addition, the annual interest payment on the country’s $36 trillion debt is more than the annual budget of the U. S. military and Medicare. The letter urges immediate action to ensure federal spending is less next year than this year…create a path to a balanced budget as soon as possible and to cut red tape to unleash economic growth and the national vast natural resources.
The state financial officers are pushing for a fiscal recovery plan to be in place by 2026 when the country will mark the 250th anniversary of the Declaration of Independence.
