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

Bill: 118-sres-87
Sponsor: full_name: Sen. Braun, Mike [R-IN]
Introduced: 2023-03-01
Policy area: Economics and Public Finance
Subjects: Budget deficits and national debt
Latest action: action_date: 2023-03-01
text: Referred to the Committee on Finance. (text: CR S571)

Summaries:
action_date: 2023-03-01
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 (1) restoring regular order to the appropriations process, and (2) preventing the looming the fiscal crisis faced by the United States.</p>

tv_txt: III 118th CONGRESS 1st Session S. RES. 87 IN THE SENATE OF THE UNITED STATES March 1, 2023 Mr. Braun (for himself, Mrs. Blackburn , Mr. Cassidy , and Mr. Scott of Florida ) 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 January 2023, the total public debt outstanding was more than $31,000,000,000,000, resulting in a total interest expense of more than $717,611,000,000 for fiscal year 2022; Whereas, in January 2023, the total public debt as a percentage of gross domestic product was about 121 percent; Whereas, in January 2023, the debt owed per citizen was $94,240 and $246,864 per taxpayer; Whereas the last Federal budget surplus occurred in 2001; Whereas, in fiscal year 2022, Federal tax receipts totaled $4,896,000,000,000, but Federal outlays totaled $6,272,000,000,000, leaving the Federal Government with a 1-year deficit of $1,376,000,000,000; Whereas the Senate failed to pass a balanced budget for fiscal year 2022 and failed to restore regular order to the legislative process by not allowing Senators to offer and debate amendments; Whereas the Social Security and Medicare Boards of Trustees project that the Federal Hospital Insurance Trust Fund will be depleted in 2028; 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 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 $7,270,000,000,000 of Federal debt is owned by individuals not located in the United States, including more than $870,000,000,000 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 would squeeze all policy priorities of the United States, including defense policy and foreign policy priorities; 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; (3) commits to restoring regular order in the appropriations process; and (4) commits to preventing the looming fiscal crisis faced by the United States.