[Congressional Record Volume 168, Number 153 (Thursday, September 22, 2022)]
[Senate]
[Page S5024]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 5623. Mr. BRAUN submitted an amendment intended to be proposed to 
amendment SA 5499 submitted by Mr. Reed (for himself and Mr. Inhofe) 
and intended to be proposed to the bill H.R. 7900, to authorize 
appropriations for fiscal year 2023 for military activities of the 
Department of Defense, for military construction, and for defense 
activities of the Department of Energy, to prescribe military personnel 
strengths for such fiscal year, and for other purposes; which was 
ordered to lie on the table; as follows:

        At the end of subtitle G of title X, add the following:

     SEC. 10__. SENSE OF SENATE REGARDING RECOGNIZING NATIONAL 
                   DEBT AS A THREAT TO NATIONAL SECURITY.

       (a) Findings.--Congress finds that--
       (1) in September 2020, the total public debt outstanding of 
     the United States 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;
       (2) in September 2019, the total public debt as a 
     percentage of gross domestic product was about 100 percent;
       (3) leaders of the Congressional Budget Office and the 
     Government Accountability Office have testified that--
       (A) the growth of the public debt is unsustainable; and
       (B) Congress must undertake extensive fiscal consolidation 
     to combat that growth;
       (4) the last Federal budget surplus occurred in 2001;
       (5) 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;
       (6) since the last Federal budget surplus occurred in 2001, 
     Congress--
       (A) has failed to maintain a fiscally responsible budget; 
     and
       (B) has had to raise the debt ceiling repeatedly;
       (7) the Medicare Board of Trustees projects that the 
     Medicare Hospital Insurance Trust Fund will be depleted in 
     2026;
       (8) 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;
       (9) heavy indebtedness increases the exposure of the 
     Federal Government to interest rate risks;
       (10) 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;
       (11) without a targeted effort to balance the Federal 
     budget, the credit rating of the United States will continue 
     to fall;
       (12) improvements in the business climate in populous 
     countries, and aging populations around the world, will 
     likely contribute to higher global interest rates;
       (13) 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;
       (14) China and the European Union are developing 
     alternative payment systems to weaken the dominant position 
     of the United States dollar as a reserve currency;
       (15) rapidly increasing interest rates will squeeze all 
     policy priorities of the United States, including defense 
     policy and foreign policy priorities;
       (16) the National Security Strategy of the United States, 
     as of the date of enactment of this Act, highlights the need 
     to reduce the national debt through fiscal responsibility;
       (17) 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'';
       (18) on March 6, 2018, former 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'';
       (19) 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
       (20) 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''.
       (b) Sense of the Senate.--It is the sense of the Senate 
     that--
       (1) the national debt is a threat to the national security 
     of the United States;
       (2) persistent, structural deficits are unsustainable, 
     irresponsible, and dangerous; and
       (3) the looming fiscal crisis faced by the United States 
     must be addressed.
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