Two senators recently commented on The National Debt is National Security Act, which seeks to regulate the amount of the national debt that foreign governments can acquire.
Sen. Bill Cassidy, R-La., said permitting nations like China and other competitors to own significant portions of the U.S. debt poses a threat to national security in a news release.
“We need to rein in spending and limit China’s leverage over the United States,” Cassidy said in the release provided to State Newswire.
Currently, China has approximately $1.07 trillion of America's total foreign-owned national debt, which has reportedly surpassed $7.7 trillion, according to the release.
Sen. Joni Ernst, R-Iowa, who filed The National Debt is National Security Act bill, claims the Chinese Communist Party utilizes the interest payments to help support forced labor camps in Xinjiang, according to the release. Ernst further said these payments were used to help finance the militarization of the South China Sea and to directly compete with the U.S. in important industries.
The National Debt is National Security Act, which was co-sponsored by Cassidy and Mike Braun, R-Ind., prohibits foreign governments, companies and people from owning more than one-third of the total national debt, according to the release. Additionally, the act stipulates only 5% of the total national debt may be acquired by the combined governments, entities and individuals of any country.
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