II 119th CONGRESS 1st Session S. 2375 IN THE SENATE OF THE UNITED STATES July 22, 2025 Mr. Cassidy (for himself and Mr. Peters ) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To require a report on the threats to the national security of the United States posed by the national debt and net interest payments on that debt.

1. Short title This Act may be cited as the National Net Interest is National Security Act of 2025 . 2. Report on national security threats from the national debt and net interest payments (a) In general The Secretary of the Treasury, in consultation with the Secretary of Defense and the Secretary of State, shall submit to the appropriate congressional committees a report on the threats posed to the national security of the United States by the increases in the national debt and net interest payments on that debt predicted as of the date of the report— (1) not later than one year after the date of the enactment of this Act; and (2) thereafter concurrent with the submission to Congress of the national defense strategy under section 113(g) of title 10, United States Code. (b) Elements The report required by subsection (a) shall include— (1) an assessment of the effect of the increases in the national debt and net interest payments described in subsection (a) on— (A) defense discretionary spending; (B) the revenue received by the Federal Government; (C) the capacity of the United States— (i) to operate an efficient and effective response for national defense; (ii) to respond to emerging and future geopolitical threats and crises; (iii) to respond to economic depressions, recessions, and other economic crises; and (iv) to meet mandatory spending obligations, including for— (I) the Social Security program under title II of the Social Security Act ( 42 U.S.C. 401 et seq. ); (II) the Medicare program under title XVIII of the Social Security Act ( 42 U.S.C. 1395 et seq. ); (III) the Medicaid program under title XIX of the Social Security Act ( 42 U.S.C. 1396 et seq. ); and (IV) other mandatory spending programs the Secretary of the Treasury determines appropriate to include; (D) the value and use of the United States dollar in global financial markets, the status of the dollar as a global reserves currency, and international exchange rates; (E) the credit rating of the United States; (F) inflation in the United States; and (G) interest rates in the United States; (2) an assessment of the likelihood of net interest payments crowding out other discretionary spending priorities, including— (A) priorities relating to national security and diplomacy; and (B) public investment to address economic challenges; and (3) recommendations for legislative action to reduce the threats to national security posed by the national debt and net interest payments. (c) Inclusion in High Risk List of Government Accountability Office The Comptroller General of the United States shall include matters relating to the threats posed to the national security of the United States by the increases in the national debt and net interest payments on that debt to the matters on the High Risk List of the Government Accountability Office. (d) Appropriate congressional committees defined In this section, the term appropriate congressional committees means— (1) the Committee on Finance, the Committee on Foreign Relations, and the Committee on Armed Services of the Senate; and (2) the Committee on Ways and Means, the Committee on Foreign Affairs, and the Committee on Armed Services of the House of Representatives.