National Debt is National Security Act

This bill, the National Debt is National Security Act, sets two limits on foreign ownership of U.S. public debt. It prohibits foreign governments, entities, and citizens from holding more than 25% of the total national debt combined, and no single foreign country from holding more than 5% of the debt. The Treasury Secretary, working with the Office of Management and Budget, must create rules to calculate and enforce these limits. The President may temporarily waive either limit for national security reasons but must notify Congress and explain the justification.