,,ii  #aah? ,,congress  #a/ ,session    
,s4 #gdb  ,,9 ,,! ,,s5ate ,,( ,,!       
,,unit$ ,,/ates  ,m>* #i1 #bjbc,ms4     
,ern/ 7= h]self1 ,mr4 ,braun1 ,mr4      
,cassidy1 & ,ms4 ,lummis7 introduc$ !   
foll[+ bill2 :i* 0 read twice & ref]r$  
to ! ,committee on ,f9ance  ,a ,,bill   
,to e/abli% limitations on ! am\nt (    
debt issu$ by ! ,unit$ ,/ates :i* may be
 held by =eign gov]nm5ts1 entities1 &   
individuals4  #a4 ,%ort title ,?is ,act 
may be cit$ z ! ,national ,debt is      
,national ,security ,act4  #b4 ,limit on
 public debt held by =eign gov]nm5ts1   
entities1 & individuals  7a7 ,9 g5]al   
,sub*apt] ,i ( *apt] #ca ( title #ca1   
,unit$ ,/ates ,code1 is am5d$ by ins]t+ 
aft] section #caac ! foll[+3  #caad4    
,limit on public debt held by =eign     
gov]nm5ts1 entities1 & individuals  7a7 
,9 g5]al  7#a7 ,cumulative limit        
,not)/&+ any o!r provision ( ?is *apt]1 
! am\nt ( ! national debt :i* is        
cumulatively held by =eign gov]nm5ts1   
entities organiz$ or incorporat$ "u !   

laws ( a =eign c\nty1 & citiz5s ( =eign 
c\ntries %all n exce$ an am\nt equal to 
"o-f\r? ( ! national debt4  7#b7        
,c\ntry-specific limit ,not)/&+ any o!r 
provision ( ?is *apt]1 ) respect to any 
=eign c\ntry1 ! am\nt ( ! national debt 
:i* is cumulatively held by ! gov]nm5t (
 su* c\ntry1 entities organiz$ or       
incorporat$ "u ! laws ( su* c\nty1 &    
citiz5s ( su* c\ntry %all n exce$ an    
am\nt equal to #e p]c5t ( ! national    
debt4  7b7 ,det]m9ation ,! ,secret>y ( !
 ,treasury1 9 coord9ation ) ! ,director 
( ! ,(fice ( ,managem5t & ,budget1 %all 
issue guidance reg>d+ implem5tation (   
?is section1 includ+ calculation ( !    
am\nt ( ! national debt held by =eign   
gov]nm5ts1 entities organiz$ or         
incorporat$ "u ! laws ( a =eign c\nty1 &
 citiz5s ( =eign c\ntries4  7c7         
,presid5tial waiv]  7#a7 ,9 g5]al ,!    
,presid5t may waive ! application (     
p>agraph 7#a7 or 7#b7 ( subsection 7a7  
if ! ,presid5t det]m9es &1 pursuant to  
p>agraph 7#b71 s reports t ! important  

national int]e/ ( ! ,unit$ ,/ates       
requires ! ex]cise ( su* waiv] au?ority4
  7#b7 ,congressional notification ,n   
lat] ?an ! date ( ! ex]cise ( a waiv] "u
 p>agraph 7#a71 ! ,presid5t %all notify 
! ,committee on ,ways & ,means ( ! ,h\se
 ( ,repres5tatives & ! ,committee on    
,f9ance ( ! ,s5ate ( ! waiv] or !       
int5tion to ex]cise ! waiv]1 toge!r ) a 
detail$ ju/ification !re(4  7d7         
,national debt ,= purposes ( ?is        
section1 ! t]m national debt means !    
face am\nt ( obligations issu$ "u ?is   
*apt] & ! face am\nt ( obligations ^:   
pr9cipal & int]e/ are gu>ante$ by !     
,unit$ ,/ates ,gov]nm5t 7except gu>ante$
 obligations held by ! ,secret>y ( !    
,treasury74  4  7b7 ,cl]ical am5dm5t ,! 
table ( sections ( sub*apt] ,i ( *apt]  
#ca ( title #ca1 ,unit$ ,/ates ,code1 is
 am5d$ by ins]t+ aft] ! item relat+ to  
section #caac ! foll[+3  #caad4 ,limit  
on public debt held by =eign gov]nm5ts1 
entities1 & individuals4  4