119-s2375

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 2375 Introduced in Senate

    (IS) ]

<DOC>

119th CONGRESS
 1st Session
 S. 2375

 To require a report on the threats to the national security of the 
 United States posed by the national debt and net interest payments on 
 that debt.

_______________________________________________________________________

 IN THE SENATE OF THE UNITED STATES

 July 22, 2025

Mr. Cassidy (for himself and Mr. Peters) introduced the following bill; 
 which was read twice and referred to the Committee on Finance

_______________________________________________________________________

 A BILL

 To require a report on the threats to the national security of the 
 United States posed by the national debt and net interest payments on 
 that debt.

 Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

 This Act may be cited as the ``National Net Interest is National 
Security Act of 2025''.

SEC. 2. REPORT ON NATIONAL SECURITY THREATS FROM THE NATIONAL DEBT AND 
 NET INTEREST PAYMENTS.

    (a) In General.--The Secretary of the Treasury, in consultation 
with the Secretary of Defense and the Secretary of State, shall submit 
to the appropriate congressional committees a report on the threats 
posed to the national security of the United States by the increases in 
the national debt and net interest payments on that debt predicted as 
of the date of the report--

    (1) not later than one year after the date of the enactment 
 of this Act; and

    (2) thereafter concurrent with the submission to Congress 
 of the national defense strategy under 

section 113

    (g) of title 
 10, United States Code.

    (b) Elements.--The report required by subsection

    (a) shall 
include--

    (1) an assessment of the effect of the increases in the 
 national debt and net interest payments described in subsection

    (a) on--
        (A) defense discretionary spending;
        (B) the revenue received by the Federal Government;
            (C) the capacity of the United States--
            (i) to operate an efficient and effective 
 response for national defense;
            (ii) to respond to emerging and future 
 geopolitical threats and crises;
            (iii) to respond to economic depressions, 
 recessions, and other economic crises; and
            (iv) to meet mandatory spending 
 obligations, including for--
            (I) the Social Security program 
 under title II of the Social Security 
 Act (42 U.S.C. 401 et seq.);
            (II) the Medicare program under 
 title XVIII of the Social Security Act 
 (42 U.S.C. 1395 et seq.);
            (III) the Medicaid program under 
 title XIX of the Social Security Act 
 (42 U.S.C. 1396 et seq.); and
            (IV) other mandatory spending 
 programs the Secretary of the Treasury 
 determines appropriate to include;
            (D) the value and use of the United States dollar 
 in global financial markets, the status of the dollar 
 as a global reserves currency, and international 
 exchange rates;
        (E) the credit rating of the United States;
        (F) inflation in the United States; and
        (G) interest rates in the United States;

    (2) an assessment of the likelihood of net interest 
 payments crowding out other discretionary spending priorities, 
 including--
        (A) priorities relating to national security and 
 diplomacy; and
        (B) public investment to address economic 
 challenges; and

    (3) recommendations for legislative action to reduce the 
 threats to national security posed by the national debt and net 
 interest payments.
            (c) Inclusion in High Risk List of Government Accountability 
Office.--The Comptroller General of the United States shall include 
matters relating to the threats posed to the national security of the 
United States by the increases in the national debt and net interest 
payments on that debt to the matters on the High Risk List of the 
Government Accountability Office.
            (d) Appropriate Congressional Committees Defined.--In this section, 
the term ``appropriate congressional committees'' means--

    (1) the Committee on Finance, the Committee on Foreign 
 Relations, and the Committee on Armed Services of the Senate; 
 and

    (2) the Committee on Ways and Means, the Committee on 
 Foreign Affairs, and the Committee on Armed Services of the 
 House of Representatives.
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