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[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. Res. 87 Introduced in Senate (IS)]

<DOC>

118th CONGRESS
  1st Session
S. RES. 87

    Recognizing the national debt as a threat to national security.

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

                             March 1, 2023

 Mr. Braun (for himself, Mrs. Blackburn, Mr. Cassidy, and Mr. Scott of 
Florida) submitted the following resolution; which was referred to the 
                          Committee on Finance

_______________________________________________________________________

                               RESOLUTION

 
    Recognizing the national debt as a threat to national security.

Whereas, in January 2023, the total public debt outstanding was more than 
        $31,000,000,000,000, resulting in a total interest expense of more than 
        $717,611,000,000 for fiscal year 2022;
Whereas, in January 2023, the total public debt as a percentage of gross 
        domestic product was about 121 percent;
Whereas, in January 2023, the debt owed per citizen was $94,240 and $246,864 per 
        taxpayer;
Whereas the last Federal budget surplus occurred in 2001;
Whereas, in fiscal year 2022, Federal tax receipts totaled $4,896,000,000,000, 
        but Federal outlays totaled $6,272,000,000,000, leaving the Federal 
        Government with a 1-year deficit of $1,376,000,000,000;
Whereas the Senate failed to pass a balanced budget for fiscal year 2022 and 
        failed to restore regular order to the legislative process by not 
        allowing Senators to offer and debate amendments;
Whereas the Social Security and Medicare Boards of Trustees project that the 
        Federal Hospital Insurance Trust Fund will be depleted in 2028;
Whereas the Social Security and Medicare Boards of Trustees project that the 
        Federal Old-Age and Survivors Insurance Trust Fund and the Federal 
        Disability Insurance Trust Fund will be depleted in 2034;
Whereas improvements in the business climate in populous countries, and aging 
        populations around the world, will likely contribute to higher global 
        interest rates;
Whereas more than $7,270,000,000,000 of Federal debt is owned by individuals not 
        located in the United States, including more than $870,000,000,000 of 
        which is owned by individuals in China;
Whereas China and the European Union are developing alternative payment systems 
        to weaken the dominant position of the United States dollar as a reserve 
        currency;
Whereas rapidly increasing interest rates would squeeze all policy priorities of 
        the United States, including defense policy and foreign policy 
        priorities;
Whereas, on April 12, 2018, former Secretary of Defense James Mattis warned that 
        ``any Nation that can't keep its fiscal house in order eventually cannot 
        maintain its military power'';
Whereas, on March 6, 2018, Director of National Intelligence Dan Coats warned: 
        ``Our continued plunge into debt is unsustainable and represents a dire 
        future threat to our economy and to our national security'';
Whereas, on November 15, 2017, former Secretaries of Defense Leon Panetta, Ash 
        Carter, and Chuck Hagel warned: ``Increase in the debt will, in the 
        absence of a comprehensive budget that addresses both entitlements and 
        revenues, force even deeper reductions in our national security 
        capabilities''; and
Whereas, on September 22, 2011, former Chairman of the Joint Chiefs of Staff 
        Michael Mullen warned: ``I believe the single, biggest threat to our 
        national security is debt'': Now, therefore, be it
    Resolved, That the Senate--
            (1) recognizes that the national debt is a threat to the 
        national security of the United States;
            (2) realizes that deficits are unsustainable, 
        irresponsible, and dangerous;
            (3) commits to restoring regular order in the 
        appropriations process; and
            (4) commits to preventing the looming fiscal crisis faced 
        by the United States.
                                 <all>
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