Connect with us

Hi, what are you looking for?

Politics

Republican senators spearhead push to limit foreign-owned debt amid Russia-Ukraine war

Sen. Joni Ernst R-Iowa, is leading a group of senators to introduce “The National Debt Is National Security Act,” a new bill that would require no more than one-third of U.S. national debt be owed by foreign governments, entities and individuals.

The push by the Republican senators, including Sen. Bill Cassidy R-La., and Sen. Mike Braun, R-Ind., comes as they argue that the United States’ national security is threatened by the ongoing aggressive actions by Russia toward Ukraine and by China’s increasing hostility. 

OMNIBUS SPENDING BILL ALLOCATES $40 MILLION FOR ‘DEMOCRACY PROGRAMS’ IN VENEZUELA

America’s national debt hit a record-breaking $30 trillion last month, and America’s total foreign-owed national debt exceeds $7.7 trillion dollars, with China owning roughly $1.07 trillion, according to the Department of Treasury.

“The United States should not owe over $1 trillion to adversaries like the Chinese Communist Party Chinese Communist Party (CCP),” Ernst said in a statement to Fox News Digital while announcing the new bill. 

The senator noted that it is especially egregious because China uses interest payments to fund forced labor camps in Xinjiang.

“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,” Ernst said.

With the introduction of the bill, the senator hopes that the United States’ national debt will no longer be taken advantage of by the Chinese.

“I’m proud to co-sponsor 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 Braun, who is supporting the bill as a co-sponsor.

Senator Mike Braun, R-IN, questions FBI Director Christopher Wray during a Senate Appropriations Subcommittee on Commerce, Justice, Science, and Related Agencies hearing June 23, 2021 on Capitol Hill in Washington, D.C.

Cassidy also said that by “allowing China and other adversaries to control large portions of our debt is a national security threat.”

“We need to rein in spending, and limit China’s leverage over the United States.”

In a previous effort to control government spending, Ernst helped push the Federal Debt Emergency Control Act in 2021, requiring the Office of Management and Budget (OMB) to declare a “Federal Debt Emergency” in any fiscal year when the federal debt exceeds 100% of that year’s Gross Domestic Product (GDP).

Chinese President Xi Jinping talks to leaders after being formally re-elected to a second term.

Wednesday night, the House voted to approve a $1.5. trillion spending bill that funds the government through Sept. 30 and includes $13.6 billion in aid to Ukraine amid the war with Russia.

Click to comment

Leave a Reply

Your email address will not be published.

You May Also Like

Politics

Cisneros, who turns 29 on Tuesday, nearly defeated Cuellar in 2020. This year, backed by Sens. Bernie Sanders and Elizabeth Warren, Rep. Alexandria Ocasio-Cortez...

Politics

Washington Democratic congressional candidate Rebecca Parson has a bold idea to get Congress to pass housing legislation: have a million people break into empty...

Politics

This is now the American position on Taiwan after President Joe Biden said, for at least the third time, that the US would be...

United States

“The sprawling evidentiary hearing in Jones is particularly poignant,” he wrote by way of example. “Ostensibly to assess cause and prejudice under Martinez, the...

Politics

ATLANTA – Don’t be surprised if Stacey Abrams’ comments that Georgia is the “worst state in the country to live” will be used against...

Europe

A former U.K. Conservative MP has been jailed for 18 months for sexually assaulting a 15-year-old boy. Imran Ahmad Khan resigned as a member...

Politics

But Nguyen, a state lawmaker who has helped lead the fight against Republican efforts to restrict voting in this presidential battleground, framed the mission...

Politics

EXCLUSIVE: The House Freedom Caucus is demanding that President Biden either withdraw the United States from the World Health Organization (WHO) or correct the...