[Congressional Record Volume 169, Number 39 (Wednesday, March 1, 2023)]
[Senate]
[Page S571]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




  SENATE RESOLUTION 87--RECOGNIZING THE NATIONAL DEBT AS A THREAT TO 
                           NATIONAL SECURITY

  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:

                               S. Res. 87

       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 fiscal 
     year 2022;
       Whereas, in January 2023, the total public debt as a 
     percentage 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 
     $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 
     fiscal 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 Trustees 
     project that the Federal Hospital Insurance Trust Fund will 
     be depleted in 2028;
       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 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, 
     including more than $870,000,000,000 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 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'';
       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;
       (3) commits to restoring regular order in the 
     appropriations process; and
       (4) commits to preventing the looming fiscal crisis faced 
     by the United States.

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