Coats said the GOP-sponsored Balanced Budget Amendment should be brought to a vote in the House this month and Senate party leadership was behind it.
"Broke or balanced -- that's the choice before us," he said. "The American people … want their elected officials to stop spending money we don't have, and to enact policies that will grow our economy and get Americans back to work."
Coats said under the Democratic leadership of President Barack Obama, national debt has jumped 35 percent to $14.3 trillion and 14 million citizens were jobless.
"The eyes of the world are fixed on the United States to see if we have the political courage and moral sense to solve our debt crisis," the senator said.
Noting the coming July 4th observation of the country's 1776 birthday, Coats stoked patriotism in his call for fiscal balance.
"It is not only our duty, but our moral obligation to break from the oppression of debt and strengthen our country," he said. "We must all rise above the political considerations and do what is right for the future of our nation."