On Wednesday, the Senate unanimously passed Senator Braun’s resolution to recognize the national debt as a threat to national security. The national debt now stands at over 34 trillion dollars, which is $102,776 for every single person in America.
This is the first year in American history that we will spend more on interest payments (debt service) than on national defense, according to the nonpartisan Congressional Budget Office.
“We have more than doubled our national debt in just ten years. America is moving down a dangerous and unsustainable path of reckless spending and the federal government has yet to take it seriously. Our colossal national debt is an absolute threat to national security and I’m glad that I was able to make the Senate to unanimously recognize this dire threat today.” — Sen. Mike Braun
Excerpts from Sen. Braun’s Resolution:
- 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;
- 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;
- 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;
- 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;
The full resolution can be found here.
