State Treasurer Curtis Loftis joins 36 State Financial Officers in Seeking “Day One” Action from Congress on National Debt

November 18, 2024

Focus is On Restoring America’s Fiscal Solvency

Columbia, SC – State Treasurer Curtis Loftis joined 36 state financial officers in sending a letter to each member of Congress imploring them to develop and implement a long-term plan to remedy the nation’s serious financial problems. They are leading an effort to sound the alarm on the severity of the crisis and offer support to Congress in the difficult decisions ahead. 

“I cannot overemphasize the seriousness of our national debt problem,” said State Treasurer Loftis. “If Congress doesn’t take steps now to address federal spending, we are basically telling our young people that we don’t care about their financial well-being. We are saddling them with a tax burden that will completely overshadow their ability to achieve the American dream our forefathers fought so hard to establish.”

In 2023 alone, the federal government collected $4.5 trillion in revenue but spent more than $6.3 trillion – a difference of $1.8 trillion. In addition, the annual interest payment on the county’s $35 trillion debt is more than the annual budget of each – the U.S. Military and Medicare.” 

In the letter the state financial officers concur with Senate Resolution 600 and House Resolution 190 that both declare the deteriorating federal financial situation is a “national security threat” and “unsustainable and dangerous.”   

“I hope that President Trump and the newly-elected Congress will work together to take fast and corrective action that will reduce spending, create a balanced budget, and cut red tape in Washington so we can foster economic growth and benefit from our plentiful natural resources,” added Treasurer Loftis. 

“Our country has a deep spending problem, and we have a voice as citizens of the Palmetto State to speak up for restoring America’s financial solvency.” 

The state financial officers are pushing for a fiscal recovery plan to be ratified in the next Congress and under a new president by 2026 when the country will mark the 250th Anniversary of the Declaration of Independence. As stated in the letter, they ask Congress “to make restoring America’s financial solvency a Day One priority for the sake of our states and the country,” and conclude by saying, “Our hard-won independence depends on it.” 

To view the letter issued to all 535 voting members of Congress, click here.