Kansas State Treasurer
TOPEKA – 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.
The state financial officers are leading an effort to sound the alarm on the severity of the crisis and offer support to Congress in the difficult decisions ahead.
“The burgeoning national debt and unrestrained federal spending is a threat to our economic system and to our national security,” said Johnson.
In 2023 alone, 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.
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.”
“It is critical that Congress and the President take immediate action to address the fiscal crisis and restore confidence in America as the global economic leader,” added Johnson.
The letter specifically urges immediate action to:
1. Ensure total federal government spending is less in 2025 than it was in 2024
2. Create a path to a balanced budget as soon as possible; and
3. Cut red tape to unleash economic growth and the nation’s vast natural resources.
“Kansas, like many other states, has fought to restore order to its fiscal affairs. The actions of the states stand in stark contrast to the irresponsible actions of the federal government and its now $36 trillion of debt,” Johnson said.
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. 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.”
