[Congressional Record Volume 170, Number 49 (Wednesday, March 20, 2024)]
[Senate]
[Page S2474]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




  SENATE RESOLUTION 600--RECOGNIZING THE NATIONAL DEBT AS A THREAT TO 
                           NATIONAL SECURITY

  Mr. BRAUN (for himself, Mr. Scott of Florida, Mrs. Blackburn, Ms. 
Lummis, Mr. Cramer, and Mr. Budd) submitted the following resolution; 
which was considered and agreed to:

                              S. Res. 600

       Whereas, in January 2024, the total public debt outstanding 
     was more than $34,000,000,000,000, resulting in a total 
     interest expense of more than $659,000,000,000 on debt held 
     by the public for fiscal year 2023;
       Whereas, in January 2024, the total public debt as a 
     percentage of gross domestic product was more than 123 
     percent;
       Whereas, in January 2024, the debt owed per citizen was 
     $102,147 and $265,582 per taxpayer;
       Whereas the last Federal budget surplus occurred in 2001;
       Whereas, in fiscal year 2023, Federal tax receipts totaled 
     $4,400,000,000,000, but Federal outlays totaled 
     $6,100,000,000,000, leaving the Federal Government with a 1-
     year deficit of $1,700,000,000,000;
       Whereas the Senate failed to pass a balanced budget for 
     fiscal year 2024 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 2031;
       Whereas the Social Security and Medicare Boards of Trustees 
     project that the combined 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 $8,056,100,000,000 of Federal debt is 
     owned by individuals not located in the United States, 
     including more than $1,050,000,000,000 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 Federal spending on interest to service the 
     national debt is now projected to exceed Federal spending on 
     national defense in 2024 according to the Congressional 
     Budget Office's Budget and Economic Outlook: 2024 to 2034 
     report;
       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.

                          ____________________