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

III 118TH CONGRESS 1ST SESSION S. RES. 87 Recognizing the national debt as a threat to national security. 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 fis- cal year 2022; Whereas, in January 2023, the total public debt as a percent- age 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 VerDate Sep 11 2014 23:42 Mar 01, 2023 Jkt 039200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6300 E:\BILLS\SR87.IS SR87 pbinns on DSKJLVW7X2PROD with $$_JOB 2 •SRES 87 IS $6,272,000,000,000, leaving the Federal Government with a 1-year deficit of $1,376,000,000,000; Whereas the Senate failed to pass a balanced budget for fis- cal year 2022 and failed to restore regular order to the legislative process by not allowing Senators to offer and debate amendments; Whereas the Social Security and Medicare Boards of Trust- ees project that the Federal Hospital Insurance Trust Fund will be depleted in 2028; Whereas the Social Security and Medicare Boards of Trust- ees project that the Federal Old-Age and Survivors In- surance Trust Fund and the Federal Disability Insurance Trust Fund will be depleted in 2034; Whereas improvements in the business climate in populous countries, and aging populations around the world, will likely contribute to higher global interest rates; Whereas more than $7,270,000,000,000 of Federal debt is owned by individuals not located in the United States, in- cluding more than $870,000,000,000 of which is owned by individuals in China; Whereas China and the European Union are developing alter- native payment systems to weaken the dominant position of the United States dollar as a reserve currency; Whereas rapidly increasing interest rates would squeeze all policy priorities of the United States, including defense policy and foreign policy priorities; Whereas, on April 12, 2018, former Secretary of Defense James Mattis warned that ‘‘any Nation that can’t keep its fiscal house in order eventually cannot maintain its military power’’; VerDate Sep 11 2014 23:42 Mar 01, 2023 Jkt 039200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6300 E:\BILLS\SR87.IS SR87 pbinns on DSKJLVW7X2PROD with $$_JOB 3 •SRES 87 IS 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 De- fense 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 na- tional 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 (1) recognizes that the national debt is a threat 2 to the national security of the United States; 3 (2) realizes that deficits are unsustainable, irre- 4 sponsible, and dangerous; 5 (3) commits to restoring regular order in the 6 appropriations process; and 7 (4) commits to preventing the looming fiscal 8 crisis faced by the United States. 9 Æ VerDate Sep 11 2014 23:42 Mar 01, 2023 Jkt 039200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6301 E:\BILLS\SR87.IS SR87 pbinns on DSKJLVW7X2PROD with $$_JOB