WASHINGTON – U.S. Senators Bill Cassidy, M.D. (R-LA), Joni Ernst (R-IA), and Mike Braun (R-IN) introduced the National Debt is National Security Act to require that no more than one-third of the United States’ national debt be foreign-owned and to bar particular countries from owning more than five percent of the national debt.
“Allowing China and other adversaries to control large portions of our debt is a national security threat,” said Dr. Cassidy. “We need to rein in spending and limit China’s leverage over the United States.”
“The United States should not owe over $1 trillion to adversaries like the Chinese Communist Party. Adversarial ownership over our national debt by foreign entities is not only harmful to our economy—it’s also a direct threat to our national security,” said Senator Joni Ernst. “Instead of emboldening our adversaries by allowing them to take advantage of our national debt, President Biden and Congress need to put an end to their out-of-control federal spending and protect our national security.”
“The foreign ownership of federal debt is particularly concerning in the hands of dangerous actors like the Chinese Communist Party. I’m proud to cosponsor The National Debt is National Security Act with Senator Ernst to limit the economic leverage of the CCP and preserve our economic and national security,” said Senator Braun.
Background:
The national debt recently topped $30 trillion, with $7.7 trillion of the debt being foreign-owned. Today, China owns nearly $1.07 trillion of U.S. national debt.
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