[Congressional Record Volume 167, Number 56 (Thursday, March 25, 2021)]
[Senate]
[Page S1838]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




  SENATE RESOLUTION 147--RECOGNIZING THE NATIONAL DEBT AS A THREAT TO 
                           NATIONAL SECURITY

  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:

                              S. Res. 147

       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
       Resolved, 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.

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