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

Bill: 117-sres-147
Sponsor: full_name: Sen. Braun, Mike [R-IN]
Introduced: 2021-03-25
Policy area: Economics and Public Finance
Subjects: Budget deficits and national debt
Latest action: action_date: 2021-03-25
text: Referred to the Committee on Finance. (text: CR S1838)

Summaries:
action_date: 2021-03-25
action_desc: Introduced in Senate
text: <p>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. </p>

tv_txt: III 117th CONGRESS 1st Session S. RES. 147 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

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.