National Debt is National Security Act

This bill sets two limits on foreign ownership of U.S. debt: it caps total foreign-held debt at 25% of the national debt, and limits any single country's holdings to 5% of the national debt. It requires the Treasury Secretary, with OMB coordination, to calculate and enforce these limits. The President may temporarily waive either limit if deemed necessary for national security, but must notify key congressional committees with a justification. The law directly affects foreign governments, foreign entities, and foreign citizens holding U.S. debt obligations.