The national debt is not just a talking point, it's a call to action—at least that's the sentiment behind the latest resolution that recently won approval from the House Ways and Means Committee. Penned by Indiana State Rep. Heath VanNatter, the resolution, known as House Resolution 28, aims to have Congress take the national debt seriously as a threat to both financial stability and national security.
According to the information obtained by Indiana House Republicans, almost $8 trillion of the over $38 trillion national debt is held by individuals outside the United States, including more than $800 billion by people in China. These figures drive home the urgency, as VanNatter emphasized, "The growing national debt should alarm every American, as it weakens our financial stability and threatens our national security." Indiana, he points out, could serve as a model for fiscal discipline and balanced budgets.
The concern isn't isolated within state lines, either. Previous high-ranking officials, including the former Chairman of the Joint Chiefs of Staff Michael Mullen and former Director of National Intelligence Dan Coats, have voiced the risk the outstanding debt poses to national security. And with global shifts like the rise of business in populous countries and demographic changes like aging populations, there's a brewing storm that could spike global interest rates. Such a rise could put significant strain on U.S. policy areas, not least defense and foreign policy.
HR 28 isn't the first instance where state officials have pushed for a federal response to the debt challenge. In a letter addressed to then-President Donald Trump, as well as members of Congress, 90 state elected officials, including Indiana Gov. Mike Braun, State Comptroller Elise Nieshalla, and Treasurer Daniel Elliot made a call for action on the debt crisis.
As America's debt per citizen climbs to a staggering $112,000, the warning bells could not be any clearer for lawmakers. Fiscal responsibility is not just a political byword; it's a vital component of national safety. The full House will soon weigh in on whether they heed this call.
