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

Bill: 116-sres-78
Sponsor: full_name: Sen. Perdue, David [R-GA]
Introduced: 2019-02-26
Policy area: Economics and Public Finance
Subjects: Budget deficits and national debt
Latest action: action_date: 2019-02-26
text: Referred to the Committee on Finance. (text: CR S1494)

Summaries:
action_date: 2019-02-26
action_desc: Introduced in Senate
text: <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 addressing the fiscal crisis faced by the United States. </p>

tv_txt: III 116th CONGRESS 1st Session S. RES. 78 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

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.