Recognizing the seriousness of the national debt and its threat to national security.
Impact
The resolution notes that the federal government has not achieved a balanced budget in over two decades, with federal tax receipts of nearly $5 trillion overshadowed by outlays exceeding $6.75 trillion, leading to an annual deficit of approximately $1.8 trillion. Such statistics lay the groundwork for a growing concern regarding the sustainability of current fiscal policies and their repercussions on the nation’s future economic stability.
Summary
HR0063 is a House resolution recognizing the seriousness of the national debt and its implications for national security. As of March 2025, the resolution points out the overwhelming national debt of over $36 trillion, highlighting that the public debt as a percentage of the gross domestic product reaches 124 percent. It emphasizes the gravity of the situation with an alarming statistic that the debt owed per citizen amounts to $107,000.
Contention
Key points of contention arise from the resolution’s urging of Congress to restore regular order in the appropriation process to mitigate the looming fiscal crisis. It frames the growing interest payments on the national debt, which have become the fastest-growing area of federal spending, as a detrimental trend. This provision signals potential debates over differing fiscal strategies, with some lawmakers advocating for immediate action while others may resist such measures, fearing economic repercussions or arguing against aggressive austerity.