02.26.19

Senators Sound Alarm On $22 Trillion Debt Crisis

“The single greatest threat to our national security is our national debt.”

WASHINGTON, D.C. – U.S. Senator David Perdue (R-GA) and Congressman Andy Biggs (R-AZ-05) today introduced resolutions in the Senate and House to recognize America’s national debt as a threat to our national security. Earlier this month, the national debt reached $22 trillion. The Senate resolution is cosponsored by U.S. Senators Jerry Moran (R-KS), Mike Rounds (R-SD), Joni Ernst (R-IA), and James Lankford (R-OK).

“The single greatest threat to our national security is our national debt, and it’s time Washington comes to grips with that reality,” said Senator Perdue. “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. 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.”

“We introduced this resolution because the United States is racing towards a fiscal cliff,” said Congressman Biggs. “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. America has a spending problem, not a revenue problem. While the United States is producing record federal revenue, Congress has failed to pass balanced budgets. 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. I thank Senator Perdue and my colleagues for their leadership on this issue.” 

“This month, our country’s national debt has reached an alarming $22 trillion,” said Senator Moran. “Congress and the administration must come together to address our government’s habit of reckless spending, which represents a grave national security threat. Without a serious plan and subsequent action to reduce our debt, this perpetual fiscal irresponsibility will jeopardize the American dream, threatening our children’s and grandchildren’s futures, as well as our nation’s ability to defend itself against global threats.”

“Surpassing $22 trillion in debt should be a wake-up call to Washington, which for decades has failed to balance the federal government’s checkbook,” said Senator Rounds. “In South Dakota, we balance our books each year, and we have a strong economy and low unemployment because of it. High debt threatens economic growth by driving up interest rates and discouraging businesses and individuals from investing back into the economy. We literally cannot afford to wait any longer to take steps to get our debt under control. This includes committing to regular order with regard to our budget process and managing the entire federal budget, including mandatory payments. Delaying action and looking the other way is not an option.”

“After decades of neglect from politicians of both parties, the national debt has reached a once unimaginable $22 trillion, directly threatening our nation’s security and prosperity. This should alarm every single Iowan. We need to get serious right now about confronting this impending crisis,” said Senator Ernst.

“As I have said before, slow economic growth and our skyrocketing national debt are the biggest long-term national security threats we face; I am glad some of my Senate colleagues are taking these threats seriously,” said Senator Lankford. “We can and should reduce and eventually eliminate our annual deficit spending and begin to work on tackling the national debt. I hope we can continue to work to find common ground to responsibly cut spending and end waste, fraud, and abuse as well as duplicative spending across agencies to help us begin to address our debt and deficit. This long-term issue will take economic growth, spending discipline, and many years to tackle. The sooner we start and the longer we focus our attention on it, the better.”

Click here for text of the Senate resolution.

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Senator Perdue is the only Fortune 500 CEO in Congress and is serving his first term in the United States Senate, where he represents Georgia on the Armed Services, Banking, Budget, and Agriculture Committees.