Title: Affirming the constitutional power of Congress over the Nation's debts.
Policy area: Economics and Public Finance

Summary:
Affirms that: (1) the Constitution gives Congress power over the nation's debts; (2) limiting the debt is an essential exercise of this authority; and (3) removing limitations on the debt would inappropriately cede this authority, remove a critical check on future increases in deficit spending and the national debt, and potentially exacerbate the already unsustainable fiscal position of the United States and its national security.

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H. Res. 564 Introduced in House (IH)]

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115th CONGRESS
  1st Session
H. RES. 564

Affirming the constitutional power of Congress over the Nation's debts.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            October 10, 2017

     Mr. Jones (for himself and Mr. Budd) submitted the following 
   resolution; which was referred to the Committee on Ways and Means

_______________________________________________________________________

                               RESOLUTION


 
Affirming the constitutional power of Congress over the Nation's debts.

Whereas the Founding Fathers explicitly delegated to Congress the power of the 
        purse, including the power over the Nation's debts;
Whereas article I, section 8 of the United States Constitution states: ``The 
        Congress shall have power to . . . pay the debts . . . and to borrow 
        money on the credit of the United States'';
Whereas since the signing of the Constitution, Congress has placed limits on the 
        debts of the Nation;
Whereas limits on the debt force Congress to evaluate their fiscal policies and 
        consider the consequences of their deficit spending decisions, as well 
        as provide an opportunity to implement fiscal reforms;
Whereas debating and voting on the debt limit is a core constitutional function 
        of Congress, and provides the public with a window of transparency into 
        the fiscal actions of those who represent them;
Whereas through 1917, the United States borrowed only occasionally to finance 
        emergencies such as war or economic recovery, or to build infrastructure 
        such as the Panama Canal, and then made concerted efforts to 
        expeditiously pay down the debt after periods of exigent circumstances 
        abated;
Whereas over the last 100 years, the United States has greatly expanded its 
        deficit spending to the point that it now must borrow continuously to 
        finance the basic functions of government;
Whereas, as a result, the public debt of the United States is now over $20 
        trillion;
Whereas the debt is at the highest level ever recorded in the history of the 
        Nation;
Whereas annual Federal deficits are currently running near $700 billion, which 
        is added to the debt;
Whereas to pay off the national debt, each taxpayer in America would have to pay 
        over $167,000;
Whereas in fiscal year 2016, American taxpayers spent $240 billion just to pay 
        the interest on the debt;
Whereas the Congressional Budget Office (CBO) projects that by 2027, annual 
        interest payments on the debt will more than triple to $818 billion, an 
        amount greater than that spent on national defense;
Whereas a significant portion of the debt is held by foreign governments, many 
        of whom, including China and Russia, are not allies of the United 
        States;
Whereas in 2010, then Chairman of the Joint Chiefs of Staff, Admiral Michael 
        Mullen, declared that ``the most significant threat to our national 
        security is our debt'';
Whereas since Admiral Mullen made that statement in 2010, the debt has increased 
        by over $6 trillion;
Whereas in January of 2017, Secretary of Defense and Retired Marine Corps 
        General, Jim Mattis, affirmed his belief that the greatest threat to 
        America's national security is our Federal debt; and
Whereas absent changes to current law, the Federal deficit and debt will 
        continue to expand rapidly, especially if interest rates rise and/or the 
        economy slows, thereby lowering revenues and increasing demand for 
        Federal assistance: Now, therefore, be it
    Resolved, That the House of Representatives affirms that--
            (1) the Constitution gives Congress power over the Nation's 
        debts;
            (2) placing limitations on the debt is an essential 
        exercise of Congress' constitutional authority; and
            (3) removing limitations on the debt would--
                    (A) inappropriately cede Congress' constitutional 
                authority;
                    (B) remove a critical check on future increases in 
                deficit spending and the national debt; and
                    (C) potentially exacerbate the already 
                unsustainable fiscal position of the United States, and 
                as a consequence, its national security.
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