WASHINGTON – U.S. Senator Bill Cassidy, M.D. (R-LA) introduced the National Net Interest is National Security Act to analyze the threats that current trajectories of the national debt and net interest pose to national security.
“We spent $882 billion last year on interest on our debt. That means less money for our nation’s defense,” said Dr. Cassidy. “This bill makes sure Congress gets the facts before our national security is in danger.”
Specifically, the National Net Interest is National Security Act would require:
- Within one year, as a part of the National Defense Strategy, the Treasury Secretary and Secretaries of Defense and State must send Congress a report on how the growing national debt and rising interest payments could threaten national security, including:
- The impact on defense discretionary spending;
- Revenue received by the federal government;
- The capacity to operate an efficient and effective response for national defense;
- The capacity to respond to emerging and future geopolitical threats and crises;
- The capacity to respond to economic depressions and recessions, or other economic crises;
- Meet mandatory spending obligations, including Social Security and Medicare/Medicaid;
- The impact on the U.S. Dollar in global financial markets, global reserves currency status, and international exchange rates;
- And the impact on the U.S. credit rating, inflation, and interest rates; and,
- Any recommendations the Secretary may have for legislative action to reduce national security risks related to the national debt and net interest.
- This legislation would also require the Comptroller General of the Government Accountability Office (GAO) to include matters relating to threats posed to national security by the increases of the national debt and national net interest to matters on the High-Risk List of the GAO.
Cassidy was joined by U.S. Senator Gary Peters (D-MI) in introducing this legislation.
“As the high and rising debt threatens to crowd out vital national priorities, from private investment to public infrastructure to military readiness, we thank Sens. Cassidy (R-LA) and Peters (D-MI) for drawing attention to the need for immediate action to reduce deficits, through their bipartisan introduction of theNational Net Interest is National Security Act of 2025,” says Michele Stockwell, president of Bipartisan Policy Center Action (BPC Action).
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