[Congressional Record Volume 165, Number 35 (Tuesday, February 26, 2019)]
[Senate]
[Page S1494]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                         SUBMITTED RESOLUTIONS

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  SENATE RESOLUTION 78--RECOGNIZING THE NATIONAL DEBT AS A THREAT TO 
                           NATIONAL SECURITY

  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:

                               S. Res. 78

       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
       Resolved, 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.

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