National Debt is National Security Act
1/4/2024, 8:00 PMSummary of Bill HR 1498
Bill 118 hr 1498, also known as the National Debt is National Security Act, is a piece of legislation introduced in the US Congress. The main purpose of this bill is to address the issue of the national debt and its impact on national security.The bill highlights the fact that the national debt of the United States has reached unprecedented levels and poses a significant threat to the country's long-term economic stability and security. It emphasizes the need for a comprehensive strategy to address the national debt and reduce the burden it places on future generations.
One of the key provisions of the bill is the establishment of a National Debt Commission, which would be tasked with conducting a thorough review of the national debt and developing recommendations for reducing it. The commission would be composed of experts in economics, finance, and national security, and would be required to submit a report to Congress outlining its findings and recommendations. Additionally, the bill includes measures to increase transparency and accountability in government spending, as well as provisions to promote fiscal responsibility and budget discipline. It also calls for a review of existing programs and policies to identify areas where savings can be achieved and inefficiencies eliminated. Overall, the National Debt is National Security Act aims to raise awareness about the national debt as a critical national security issue and to provide a framework for addressing this challenge in a responsible and effective manner. It underscores the importance of fiscal responsibility and prudent financial management in safeguarding the country's long-term security and prosperity.
Congressional Summary of HR 1498
National Debt is National Security Act
This bill establishes limits on the portion of the national debt that may be held by foreign governments, entities, and individuals.
Specifically, the portion of the national debt that is cumulatively held by foreign governments, entities organized or incorporated under the laws of a foreign country, and citizens of foreign countries may not exceed one-fourth of the national debt.
In addition, the portion of the national debt that is cumulatively held by the government of a single foreign country, entities organized or incorporated under the laws of the country, and citizens of the country may not exceed 5% of the national debt.
The bill allows the President to waive these limits if the President determines and reports to Congress that an important national interest requires the waiver.
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Current Status of Bill HR 1498
Bill HR 1498 is currently in the status of Bill Introduced since March 9, 2023. Bill HR 1498 was introduced during Congress 118 and was introduced to the House on March 9, 2023. Bill HR 1498's most recent activity was Referred to the House Committee on Ways and Means. as of March 9, 2023Bipartisan Support of Bill HR 1498
Total Number of Sponsors
1Democrat Sponsors
0Republican Sponsors
1Unaffiliated Sponsors
0Total Number of Cosponsors
0Democrat Cosponsors
0Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 1498
Primary Policy Focus
Economics and Public FinanceAlternate Title(s) of Bill HR 1498
National Debt is National Security ActNational Debt is National Security ActTo establish limitations on the amount of debt issued by the United States which may be held by foreign governments, entities, and individuals.Comments
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Sponsors and Cosponsors of HR 1498
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