Louisiana Treasurer John Fleming Leads Call for Fiscal Responsibility
Baton Rouge, LA – Louisiana State Treasurer John Fleming, M.D., joined 37 state financial officers in issuing an urgent plea to Congress to prioritize addressing the nation’s escalating debt crisis. In a letter to all members of Congress, the officers emphasized the need for a comprehensive plan to restore America’s fiscal health and underscored the national debt’s growing threat to economic stability and security.
“Our federal government’s reckless spending has brought us to a critical tipping point. Congress must act decisively and immediately to prevent further economic deterioration,” said Treasurer Fleming.
The Financial Crisis in Numbers
The letter highlights stark figures illustrating the crisis:
- In 2023, the federal government collected $4.5 trillion in revenue but spent $6.3 trillion, creating a $1.8 trillion deficit.
- The national debt now exceeds $35 trillion, with annual interest payments surpassing the budgets for both the U.S. Military and Medicare.
- Federal spending has surged nearly 50% since 2019, adding approximately $2 trillion to the debt annually.
National Security and Economic Implications
State financial officers aligned with Senate Resolution 600 and House Resolution 190, which label the worsening financial situation a “national security threat” and “unsustainable and dangerous.” The group calls on the new Congress to confront the crisis on its first day in office.
“Our new congressional leadership must tackle this fiscal emergency without delay,” Fleming urged. “Any procrastination risks further jeopardizing the economy and the well-being of American families.”
Proposed Solutions
The financial officers outlined three immediate actions:
- Reduce Federal Spending: Ensure total spending in 2025 is less than in 2024.
- Achieve a Balanced Budget: Establish a clear path toward balancing the budget.
- Stimulate Economic Growth: Cut red tape to unlock economic potential and leverage the nation’s natural resources.
Lessons from Louisiana
Fleming drew a sharp contrast between Louisiana’s balanced budget requirement and the federal government’s approach, noting that Washington has not passed a balanced budget since 2001.
“Here in Louisiana, balancing the budget annually is non-negotiable,” Fleming said. “Federal politicians, however, rely on printing more money, devaluing the dollar, and fueling inflation. This impacts every American household.”
A Call to Action
The letter calls for a fiscal recovery plan to be adopted by the next Congress and President Donald Trump, with the goal of achieving significant progress by 2026, the 250th anniversary of the Declaration of Independence.
“Our nation’s independence and future prosperity depend on restoring fiscal solvency,” Fleming emphasized. “Louisianians have a voice, and we must use it to demand responsible financial stewardship from our federal leaders.”
As the nation faces mounting financial challenges, the state financial officers’ coalition serves as a rallying cry for fiscal responsibility at the highest levels of government.