(The Center Square) – Indiana Gov. Mike Braun and a coalition of state financial officers and lawmakers are urging Congress and President Donald Trump to address the national debt crisis before the nation’s 250th birthday.

The group sent a letter to Congress and the president pushing for action on the federal government’s $38 trillion in debt.

“The national debt represents one of the most urgent and consequential challenges facing our nation,” the letter said. “We ask that this matter be given top priority due to the threat it poses to the financial stability of the United States, the dollar as the reserve currency and our position of global leadership.”

The letter requests that Congress and the president develop a plan before the 250th anniversary of the Declaration of Independence on July 4, 2026.

The State Financial Officers Foundation letter noted that the cost of interest on the nation’s debt is constraining spending on other programs.

“Our ability to service the debt is waning,” according to the letter. “Annual interest payments now surpass each of the annual budgets of the United States Military and Medicare. Without decisive action, the cost of debt service is projected to surpass the annual expenditures for Social Security.”

The group further noted that the national Social Security trust funds are expected to become insolvent in 2033, and financial challenges loom for both Medicare and Medicaid.

“We must come together so our children and grandchildren do not go off the fiscal cliff with debt we cannot pay,” according to the letter. “A long-term plan for debt reduction is essential, and our states stand firmly behind you in setting the vision to restore the financial strength of our nation.”

Indiana State Comptroller Elise Nieshalla, among more than 30 state financial officers who signed the letter, told The Center Square that the group wants to start a broader coalition at the state level.