CBO warns that climbing debt could choke military spending

The federal debt held by the United States is now 77 percent of the gross domestic product, the highest in history, and is expected to increase sharply over the next 30 years, thereby constraining military spending and threatening the nation's ability to address potential financial or national security crises, according to a recent Congressional Budget Office report.

"If current laws generally remained unchanged, the Congressional Budget Office projects, growing budget deficits would boost that debt sharply over the next 30 years; it would reach 150 percent of GDP in 2047," the report states. "When outstanding debt is large, the government has less flexibility to address financial and economic crises. A large debt also can compromise a country's national security by constraining military spending in times of international crisis or by limiting its ability to prepare for such a crisis."

The CBO report notes that the rising debt is primarily driven by mandatory government spending for Social Security, major healthcare programs and interest on the government's debt.

Defense spending, which comprises half of discretionary spending, declined as a percentage of GDP between 1967 and 2016 from 12.7 percent to 6.4 percent. It is expected to fall further to 5.3 percent by 2027 in part because of the constraints imposed by the 2011 Budget Control Act.

Congress, meanwhile, is in the midst of a fiscal fight over the Trump administration's plans to increase defense spending by tens of billions above the mandatory BCA caps, while also cutting non-defense funds.

The national debt was also a feature of one of Mick Mulvaney's Jan. 24 Senate confirmation hearings to become chief of the White House Office of Management and Budget.

Sen. John McCain (R-AZ) accused Mulvaney, who at the time was a famous House deficit hawk and Freedom Caucus member, of having spent his entire career "pitting the debt against our military."

Mulvaney sought to frame his concerns about the debt in national security terms, referencing former Chairman of the Joint Chiefs of Staff Adm. Mike Mullen's statement that the growing deficit was the top national security threat to the United States.

"I think history would teach us . . . that great nations throughout history have traditionally failed from within," Mulvaney said.