As individuals who once led the House Republican and Democratic campaign committees, we are familiar with the challenges of election year politics. Candidates often shy away from difficult subjects, emphasize distinctions, and make assurances aimed at providing new benefits or tax reductions to the public.

However, beneath all this lies the fundamental issue of the country’s existential crisis evident in the mounting national debt. The Treasury Department has recently revealed that the U.S. gross national debt has surpassed $35 trillion and continues to escalate at an unsustainable pace monthly.

To provide perspective, the debt to Gross Domestic Product ratio, a reliable indicator of financial well-being, stands at 122 percent – higher than the vast majority of countries globally and representing the highest peacetime proportion in U.S. history. Furthermore, the proposed policies from this year’s presidential campaigns are likely to expand this ratio.

Not long ago, when one of us retired from Congress, the debt to GDP ratio was a mere 35 percent, even while engaging in warfare in the Middle East. Presently, more money is channeled into interest payments on the national debt, compensating bondholders worldwide, than into national defense. As much of the U.S. debt is short-term, refinancing occurs at higher interest rates upon bond maturity.

We acknowledge that this situation will not conclude favorably, yet the exact point of crisis remains uncertain. It resembles an individual plummeting from a 100-story building, stopping at the 30th floor, and thinking, “So far, so good.”

This pressing issue transcends partisanship and requires a bipartisan resolution. Politicians from various generations have hesitated to increase taxes or reduce programs, opting instead to accumulate debt and transfer the burden to succeeding generations.

Due to tax deductions, substantial spending hikes, along with responses to recessions and the COVID-19 pandemic, this debt now threatens the dollar’s status as the global currency. The looming crash has turned into a game of political evasion, with hopes the day of reckoning falls on future leaders.

If all federal agency spending were nullified, America would still run a deficit of several hundred billion dollars. Despite Republicans and Democrats advocating for more expenses and tax cuts, the country remains heavily indebted.

Voters have seemingly downplayed this issue, and elected officials prioritize topics based on public interest. However, sustaining a balanced budget was once a paramount priority.

The party platforms at the start of the millennium emphasized debt reduction considerably. In contrast, the current Republican platform scarcely mentions debt, with Democrats focusing more on reducing the deficit.

As individuals who have been part of numerous campaigns, we urge you to highlight this dire concern to candidates and sitting members of Congress, emphasizing urgent action to steer the country toward financial stability. Our future, as well as that of our children and grandchildren, hinges on resolving this issue.

Cheri Bustos served Illinois’s 17th District from 2013 to 2023 and chaired the Democratic Congressional Campaign Committee from 2019-2021. Tom Davis represented Virginia’s 11th District from 1995-2008 and chaired the National Republican Congressional Committee from 1998 to 2002.