WASHINGTON — Republicans in both chambers introduced a resolution Tuesday declaring that the mounting national debt is “a threat to the national security of the United States.”
The national debt is currently more than $22 trillion as federal spending has climbed 146 percent compared to an 82 percent hike in collected tax revenue.
As of today, the total public debt as a percentage of gross domestic product is more than 105 percent.
The credit rating of the U.S. was downgraded by Standard and Poor’s from AAA to AA+ on Aug. 5, 2011, and has not rebounded.
Lead sponsor of the House legislation, Rep. Andy Biggs (R-Ariz.), said the resolution is critical “because the United States is racing towards a fiscal cliff.”
“Congress is taking few measures to solve this problem, and it is beyond time for our colleagues in both chambers to become serious about balancing the nation’s budget and recognize this issue as a threat to our national security,” Biggs said, predicting that “if we do not change our course, we will be responsible for one of the worse catastrophes this nation has ever experienced: the crash of the American economy and the demise of a superpower.”
The bill states that the House “recognizes that the national debt is a threat to the national security of the United States,” “realizes that deficits are unsustainable, irresponsible, and dangerous,” “commits to restoring regular order in the appropriations process,” and “commits to addressing the fiscal crisis faced by the United States.”
There are currently 50 GOP co-sponsors in the House. Sen. David Perdue (R-Ga.) introduced companion legislation in the upper chamber.
“The single greatest threat to our national security is our national debt, and it’s time Washington comes to grips with that reality,” Pedue said. “This month, our national debt topped $22 trillion. This news should have sounded alarms throughout Washington, but bureaucrats and career politicians didn’t even blink an eye.”
“Ultimately, the debt impacts our ability to fund priorities, like providing our men and women in uniform with the resources they need to protect Americans,” he added. “This debt crisis will only get worse, and if we don’t act now, our country will lose the ability to do the right thing.”