Title: A resolution recognizing the national debt as a threat to national security.
Policy area: Economics and Public Finance

Summary:
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 addressing the fiscal crisis faced by the United States.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. Res. 78 Introduced in Senate (IS)]

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116th CONGRESS
  1st Session
S. RES. 78

    Recognizing the national debt as a threat to national security.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           February 26, 2019

   Mr. Perdue (for himself, Ms. Ernst, Mr. Lankford, Mr. Moran, Mr. 
 Rounds, and Mr. Sasse) 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 February 2019, the total public debt outstanding was more than 
        $22,000,000,000,000, resulting in a total interest expense of more than 
        $192,000,000,000 for fiscal year 2019;
Whereas, on December 21, 2018, the total public debt as a percentage of gross 
        domestic product was 104 percent;
Whereas the last balanced Federal budget was signed into law in 1997;
Whereas, in fiscal year 2018, Federal tax receipts totaled $3,329,000,000,000, 
        but Federal outlays totaled $4,108,000,000,000, leaving the Federal 
        Government with a 1-year deficit of $779,000,000,000;
Whereas, every year since the last balanced Federal budget was signed in 1997, 
        Congress has failed to maintain a fiscally responsible budget and has 
        typically relied on raising the debt ceiling;
Whereas the Social Security and Medicare Boards of Trustees project that the 
        Federal Hospital Insurance Trust Fund will be depleted in 2026;
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 the credit rating of the United States was reduced by Standard and 
        Poor's from AAA to AA+ on August 5, 2011, and has remained at that level 
        since that date;
Whereas, without a targeted effort to balance the Federal budget, the credit 
        rating of the United States is certain to continue to fall;
Whereas the National Security Strategy issued by President Donald Trump 
        highlights the need to reduce the national debt through fiscal 
        responsibility;
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; and
            (3) commits to addressing the fiscal crisis faced by the 
        United States.
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