Ohio lawmakers want Congress to address national debt

With the national debt surpassing $38.8 trillion and ballooning by the moment, two Ohio lawmakers want Congress to act.

House Concurrent Resolution 24 calls on “Congress to commit to establishing an effective regular order for budgeting,” but doesn’t say what action federal lawmakers should take. It does, however, note that interest on the national debt now exceeds total United States Defense spending, raising uncertainty about whether the country can continue to defend its national interests.

The measure is pending before the House Government Oversight Committee and had its first hearing earlier this month.

“There are few more pressing issues at the national level, which impact states and our taxpayers, more than the national debt balance,” state Rep. David Thomas, R-Jefferson, said in prepared testimony to the Ohio House Government Oversight Committee. “The growing debt is first and foremost a national security threat of the highest degree.

“…This resolution shows Ohio’s support for addressing the problem and can be used as the backing for [the] change our federal partners need,” Thomas added. “The resolution is not prescriptive for what actions must be taken but that regardless of the party in power, our geopolitical situation, or the political winds of the day, a national debt beholden to foreign adversaries, consuming more than the economic production of our nation, and leaving the nation with less and less discretionary room for spending is a problem we all must help address.”

In prepared sponsor testimony to the committee, state Rep. Klopfenstein, R-Haviland, said that foreign countries own $8 trillion of that national debt and that the country spends $6-7 million per minute.

“Currently, the United States is in critical debt and this issue needs our immediate attention,” Klopfenstein said. “It is essential that we regulate spending to lessen this burden on our nation and stabilize the economy.

“…Debt is threatening our national security, and everyone must recognize the importance of this issue, as our safety is at risk,” Klopfenstein added. “By implementing a regulated federal budget, we can resolve the debt crisis and confidently return to supporting our national defense and protecting our security.”

Last week, U.S. Sens. John Curtis, R-Utah, and Angus King, I-Maine, introduced the Fiscal Commission Act, which would create a bipartisan, bicameral fiscal commission charged with finding legislative solutions to stabilize spending and decrease the national debt. The bill is the companion legislation to H.R. 3289, which is currently under consideration in the House.

“Right now, the national debt breaks down to over $113,000 for every man woman and child in this country—that’s overwhelming and unsustainable,” King said in a release. “To add insult to injury, payments on interest alone—just this year—have become a larger source of spending than both Medicare and national defense spending.”