Bill Summary
This resolution recognizes that the growing national debt of over $34 trillion, with projected interest expenses and deficits, poses a threat to national security. It points out that the debt owed per citizen and taxpayer is significant and that the last budget surplus occurred in 2001. It also highlights the depletion of trust funds for social security and Medicare and the potential impact of global interest rates and foreign countries' ownership of US debt. The resolution pledges to restore financial stability and regular order in the appropriations process and commit to preventing a fiscal crisis.
Possible Impacts
1) The legislation could potentially lead to cuts in government spending, particularly in areas such as national defense, which could impact the safety and security of citizens.
2) The rising national debt could lead to increased interest rates, which could negatively affect individuals and businesses looking to take out loans or mortgages.
3) The legislation could lead to changes in entitlement programs, such as Social Security and Medicare, which could directly impact the financial stability and well-being of retired or elderly individuals.
[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. Res. 600 Agreed to Senate (ATS)]
<DOC>
118th CONGRESS
2d Session
S. RES. 600
Recognizing the national debt as a threat to national security.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
March 20, 2024
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
_______________________________________________________________________
RESOLUTION
Recognizing the national debt as a threat to national security.
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.
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