A resolution recognizing the national debt as a threat to national security.

Subjects: Economics and Public Finance, Budget deficits and national debt

Summary:  <p>This resolution recognizes that the national debt is a threat to national security and that deficits are unsustainable, irresponsible, and dangerous. It also commits to (1) restoring regular order to the appropriations process, and (2) preventing the looming the fiscal crisis faced by the United States.</p>

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

&lt;DOC&gt;






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.
                                 &lt;all&gt;
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