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

III 116TH CONGRESS 1ST SESSION S. RES. 78 Recognizing the national debt as a threat to national security. 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 fis- cal 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; VerDate Sep 11 2014 22:22 Feb 26, 2019 Jkt 089200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6300 E:\BILLS\SR78.IS SR78 pamtmann on DSKBFK8HB2PROD with BILLS 2 •SRES 78 IS 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 Trust- ees project that the Federal Hospital Insurance Trust Fund will be depleted in 2026; 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 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 De- fense Leon Panetta, Ash Carter, and Chuck Hagel warned: ‘‘Increase in the debt will, in the absence of a VerDate Sep 11 2014 22:22 Feb 26, 2019 Jkt 089200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6300 E:\BILLS\SR78.IS SR78 pamtmann on DSKBFK8HB2PROD with BILLS 3 •SRES 78 IS 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; and 5 (3) commits to addressing the fiscal crisis faced 6 by the United States. 7 Æ VerDate Sep 11 2014 22:22 Feb 26, 2019 Jkt 089200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6301 E:\BILLS\SR78.IS SR78 pamtmann on DSKBFK8HB2PROD with BILLS