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 persistent, structural deficits are unsustainable, irresponsible, and dangerous. It also commits to addressing the looming fiscal crisis faced by the United States.

[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[S. Res. 147 Introduced in Senate (IS)]

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117th CONGRESS
  1st Session
S. RES. 147

    Recognizing the national debt as a threat to national security.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             March 25, 2021

 Mr. Braun (for himself, Mrs. Blackburn, Mr. Scott of Florida, and Ms. 
 Ernst) 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 September 2020, the total public debt outstanding was more than 
        $26,000,000,000,000, resulting in a total interest expense of more than 
        $371,000,000,000 for fiscal year 2020;
Whereas, in September 2019, the total public debt as a percentage of gross 
        domestic product was about 100 percent;
Whereas leaders of the Congressional Budget Office and the Government 
        Accountability Office have testified that--

    (1) the growth of the public debt is unsustainable; and

    (2) Congress must undertake extensive fiscal consolidation to combat 
that growth;

Whereas the last Federal budget surplus occurred in 2001;
Whereas, in fiscal year 2020, Federal tax receipts totaled $3,420,000,000,000, 
        but Federal outlays totaled $6,652,000,000,000, leaving the Federal 
        Government with a 1-year deficit of $3,132,000,000,000;
Whereas, since the last Federal budget surplus occurred in 2001, Congress--

    (1) has failed to maintain a fiscally responsible budget; and

    (2) has had to raise the debt ceiling repeatedly;

Whereas the Medicare Board of Trustees projects that the Medicare Hospital 
        Insurance Trust Fund will be depleted in 2026;
Whereas the Social Security and Medicare Boards of Trustees project that the 
        Disability Insurance and the Federal Old-Age and Survivors Insurance 
        Trust Funds will be depleted in 2026 and 2031, respectively;
Whereas heavy indebtedness increases the exposure of the Federal Government to 
        interest rate risks;
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 
        ever since;
Whereas, without a targeted effort to balance the Federal budget, the credit 
        rating of the United States will continue to fall;
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 $7,000,000,000,000 of Federal debt is owned by individuals not 
        located in the United States, including more than $1,000,000,000,000 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 will squeeze all policy priorities of 
        the United States, including defense policy and foreign policy 
        priorities;
Whereas the National Security Strategy of the United States, as of the date of 
        adoption of this resolution, 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 persistent, structural deficits are 
        unsustainable, irresponsible, and dangerous; and
            (3) commits to addressing the looming fiscal crisis faced 
        by the United States.
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