HOUSE MEMORIAL 32
56th legislature - STATE OF NEW MEXICO - first session, 2023
Randall T. Pettigrew and Harlan Vincent and Mark Duncan
and Alan T. Martinez
DECLARING FEBRUARY 8, 2023 "NATIONAL DEBT AWARENESS DAY" IN THE HOUSE OF REPRESENTATIVES.
WHEREAS, the United States national debt grew to a record thirty-one trillion thirty-eight billion dollars ($31,038,000,000,000) in January 2023, as reported by the United States department of the treasury; and
WHEREAS, national debt is the total amount of outstanding borrowing by the federal government accumulated through the nation's history; and
WHEREAS, the United States congress puts a limit on the debt, which is known as the debt ceiling, and when this limit is reached, the government must either raise or suspend the ceiling to reduce the debt; and
WHEREAS, if the national debt gets too high, it could impact Americans because spending on government programs may be cut or people may have to pay higher taxes; and
WHEREAS, the national debt also impacts the economy when it gets too high, and consumer and business confidence in the economy may dwindle, which could lead to turmoil in the financial markets and higher interest rates; and
WHEREAS, the United States congress is currently considering ways to counter the continual growth of the federal debt; and
WHEREAS, an awareness of the national debt is important in making financial decisions;
NOW, THEREFORE, BE IT RESOLVED BY THE HOUSE OF REPRESENTATIVES OF THE STATE OF NEW MEXICO that February 8, 2023 be declared "National Debt Awareness Day" in the house of representatives; and
BE IT FURTHER RESOLVED that a copy of this memorial be transmitted to the governor.
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