Formatting necessary for an accurate reading of this text may be shown by tags (e.g., <DELETED> or <BOLD>) or may be missing from this TXT display. For complete and accurate display of this text, see the PDF.
[Page S1494]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
SUBMITTED RESOLUTIONS
______
SENATE RESOLUTION 78--RECOGNIZING THE NATIONAL DEBT AS A THREAT TO
NATIONAL SECURITY
Mr. PERDUE (for himself, Ms. Ernst, Mr. Lankford, Mr. Moran, Mr.
Rounds, and Mr. Sasse) submitted the following resolution; which was
referred to the Committee on Finance:
S. Res. 78
Whereas, in February 2019, the total public debt
outstanding was more than $22,000,000,000,000, resulting in a
total interest expense of more than $192,000,000,000 for
fiscal year 2019;
Whereas, on December 21, 2018, the total public debt as a
percentage of gross domestic product was 104 percent;
Whereas the last balanced Federal budget was signed into
law in 1997;
Whereas, in fiscal year 2018, Federal tax receipts totaled
$3,329,000,000,000, but Federal outlays totaled
$4,108,000,000,000, leaving the Federal Government with a 1-
year deficit of $779,000,000,000;
Whereas, every year since the last balanced Federal budget
was signed in 1997, Congress has failed to maintain a
fiscally responsible budget and has typically relied on
raising the debt ceiling;
Whereas the Social Security and Medicare Boards of Trustees
project that the Federal Hospital Insurance Trust Fund will
be depleted in 2026;
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 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 since that date;
Whereas, without a targeted effort to balance the Federal
budget, the credit rating of the United States is certain to
continue to fall;
Whereas the National Security Strategy issued by President
Donald Trump 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 deficits are unsustainable,
irresponsible, and dangerous; and
(3) commits to addressing the fiscal crisis faced by the
United States.
____________________