S. 355Senate109th Congress (2005-2007)In Committee

Foreign Debt Ceiling Act of 2005

Introduced February 10, 2005

Legislative Activity

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2 earlier actions
SenateIntro Referral Latest Action

Read twice and referred to the Committee on Foreign Relations.

February 10, 2005

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SenateIntro Referral

Introduced in Senate

February 10, 2005

SenateIntro Referral

Sponsor introductory remarks on measure. (CR S1284-1285)

February 10, 2005

SenateIntro Referral

Read twice and referred to the Committee on Foreign Relations.

February 10, 2005

Floor Debate

22 members

What members said about S. 355 on the floor

8 Republicans13 Democrats1 Independent
John McCain
Sen. John McCainR-AZ · Feb 10, 2005

Mr. President, I am pleased today to be joined with Senator Lieberman in introducing the Climate Stewardship Act of 2005. This bill is nearly identical to a proposal we offered during the 108th…

Olympia J. Snowe
Sen. Olympia J. SnoweR-ME · Feb 10, 2005

Mr. President, I rise today to introduce the Coastal Zone Enhancement Reauthorization Act of 2005. I am pleased to have worked with my cosponsor, Senator Kerry, in developing this bill, which will…

Larry E. Craig
Sen. Larry E. CraigR-ID · Feb 10, 2005

Mr. President, I have introduced what I believe to be a very important piece of legislation that the Senate will consider this year, dealing with an issue that is certainly on the minds of many…

Susan M. Collins
Sen. Susan M. CollinsR-ME · Feb 10, 2005

Mr. President, the recent shortage of H-2B nonimmigrant visas for ernporary or seasonal non-agricultural foreign workers is a matter of great concern to many small businesses in my home state of…

Daniel K. Inouye
Sen. Daniel K. InouyeD-HI · Feb 10, 2005

Mr. President, today I am introducing the Marine Debris Research and Reduction Act. From the shore, our oceans seem vast and limitless, but I fear that we often overlook the impacts our actions have…

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Barbara A. Mikulski
Sen. Barbara A. MikulskiD-MD · Feb 10, 2005

Mr. President, I rise today to continue the fight to right a wrong in America's visa program. I believe it's time for America to extend the Visa Waiver program to Poland. I'm pleased to have formed a…

Joseph I. Lieberman
Sen. Joseph I. LiebermanD-CT · Feb 10, 2005

Mr. President, I am honored to rise with my friend and colleague from Arizona, Senator McCain, to introduce the Climate Stewardship Act. It is an urgent matter. I was thinking of one clause that I…

Richard J. Durbin
Sen. Richard J. DurbinD-IL · Feb 10, 2005

Mr. President, today I am introducing a bill to honor Abraham Lincoln in 2009, the bicentennial of his birth, by issuing a series of 1-cent coins with designs on the reverse that are emblematic of…

Jeff Bingaman
Sen. Jeff BingamanD-NM · Feb 10, 2005

Mr. President, I rise today to introduce the next generation of Hispanic Serving Institutions legislation. This legislation is critical if we, as a Nation, are going to continue to compete in a…

Bill Nelson
Sen. Bill NelsonD-FL · Feb 10, 2005

Mr. President, I am pleased to be joined by my colleagues and cosponsors Senators Jay Rockefeller and Richard Lugar as we introduce the Advance Directives Improvement and Education Act of 2005.…

John Warner
Sen. John WarnerR-VA · Feb 10, 2005

Mr. President, I rise today in support of S. 352, the Save Our Small and Seasonal Businesses Act. This legislation, which I'm proud to cosponsor, would provide emergency relief to thousands of small…

Ron Wyden
Sen. Ron WydenD-OR · Feb 10, 2005

Mr. President, the staggering cost estimates for the Medicare prescription drug benefit, coupled with the small number of seniors who have signed up so far, has threatened the very survival of this…

Byron L. Dorgan
Sen. Byron L. DorganD-ND · Feb 10, 2005

Mr. President, there are many issues we confront these days that are significant and serious. I wanted to bring one to the attention of the Chamber as I introduce legislation. I send a bill to the…

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Byron L. Dorgan
Sen. Byron L. DorganD-ND · Feb 10, 2005

Mr. President, there are many issues we confront these days that are significant and serious. I wanted to bring one to the attention of the Chamber as I introduce legislation. I send a bill to the…

Harry Reid
Sen. Harry ReidD-NV · Feb 10, 2005

Mr. President, we have long recognized that our country has an obligation to take care of the brave men and women who wear the uniform of the United States--and their families. Sixty years ago we…

Richard G. Lugar
Sen. Richard G. LugarR-IN · Feb 10, 2005

Mr. President, I rise to introduce the Assistance for Orphans and Other Vulnerable Children in Developing Countries Act of 2005. On October 7, 2004, I introduced S. 2939, a bill to improve our…

Debbie Stabenow
Sen. Debbie StabenowD-MI · Feb 10, 2005

Mr. President, I rise today to reintroduce the Canadian Waste Import Ban Act of 2005, to address the rapidly growing problem of Canadian waste shipments to Michigan. Michigan has been known for its…

Rick Santorum
Sen. Rick SantorumR-PA · Feb 10, 2005

Mr. President, I rise today to introduce, along with Senator Mikulski, a bill that would designate Poland as a program country under the Visa Waiver Program under section 217 of the Immigration…

Frank R. Lautenberg
Sen. Frank R. LautenbergD-NJ · Feb 10, 2005

Mr. President, I rise to introduce the Responsible Education About Life or ``REAL'' Act along with my cosponsors Senators Kennedy, and Mrs. Murray. The REAL Act aims to reduce adolescent pregnancy,…

James M. Jeffords
Sen. James M. JeffordsI-VT · Feb 10, 2005

Mr. President, I am proud to be a strong supporter and original cosponsor of the Save Our Small and Seasonal Businesses Act, which is being introduced today. This legislation will ensure that the…

Barbara Boxer
Sen. Barbara BoxerD-CA · Feb 10, 2005

Mr. President, I am pleased to join my chairman of the Senate Foreign Relations I Committee, Senator Lugar, in reintroducing the Assistance for Orphans and Other Vulnerable Children in Developing…

Ron Wyden
Sen. Ron WydenD-OR · Feb 10, 2005

Mr. President, I am pleased today to introduce the Capital Construction Fund Qualified Withdrawal Act of 2005. My friend and colleague, Senator Smith, joins me in introducing this important bill. In…

Kent Conrad
Sen. Kent ConradD-ND · Feb 10, 2005

Mr. President, I rise today to introduce legislation to authorize the U.S. Army Corps of Engineers to construct a new municipal water supply system for the city of Devils Lake, ND. This project is…

Kay Bailey Hutchison
Sen. Kay Bailey HutchisonR-TX · Feb 10, 2005

Mr. President, I rise today to introduce a bill that will amend the Higher Education Act of 1965 to revise provisions for Hispanic-serving institutions, HSIs, under Title V, Developing Institutions.…

Bill Text

Latest available legislative text

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Introduced in SenateIssued February 10, 2005

II

109th CONGRESS

1st Session

S. 355

IN THE SENATE OF THE UNITED STATES

February 10, 2005

Mr. Dorgan (for himself and Mrs. Clinton) introduced the following bill; which was read twice and referred to the Committee on Foreign Relations

A BILL

To require Congress to impose limits on United States foreign debt.

1.

Short title

This Act may be cited as the Foreign Debt Ceiling Act of 2005.

2.

Foreign debt ceiling

(a)

Findings

Congress makes the following findings:

(1)

The United States has become the world's largest net debtor Nation, having run up massive trade deficits since the 1990s.

(2)

At the end of 2002, the net United States foreign debt stood at $2,553,000,000,000.

(3)

The United States foreign debt position worsened in 2003, when the United States had a record trade deficit of $489,000,000,000, equivalent to 4.4 percent of the United States GDP that year.

(4)

The large and growing United States foreign debt represents claims on United States assets by foreign nationals, which will eventually have to be repaid. If unchecked, the foreign debt could seriously undermine our children's future standard of living.

(5)

Moreover, the growing accumulation of foreign claims on United States assets, including over $1,200,000,000,000 in United States Treasury securities, makes the United States economy vulnerable to the whims of foreign investors.

(6)

Congress presently places a ceiling on United States public debt, but does not place a ceiling on United States foreign debt.

(7)

Just as Congress recognized the importance of placing a ceiling on the United States public debt, it is appropriate that Congress place a limit on the United States foreign debt.

(b)

Actions triggered by United States foreign debt

(1)

In general

Not later than the 15th day of the second month after the date of enactment of this Act, and every 3 months thereafter, the United States Trade Representative shall determine if—

(A)

the net United States foreign debt for the preceding 12-month period is more than 25 percent of United States GDP for the same period; or

(B)

the United States trade deficit for the preceding 12-month period is more than 5 percent of United States GDP for the same period.

(2)

Action by USTR

Whenever an affirmative determination is made under paragraph (1) (A) or (B), the United States Trade Representative shall—

(A)

within 15 days of the determination, convene an emergency meeting of the Trade Policy Review Group to develop a plan of action to reduce the United States trade deficit; and

(B)

within 45 days of the determination, present to Congress a report detailing the Trade Policy Review Group's trade deficit reduction plan.

(c)

Measurement of foreign debt

(1)

Statistical sources

For purposes of the calculations described in subsection (b)(1), the United States Trade Representative shall rely on the most recent period for which the following data, published by the Department of Commerce, is available:

(A)

In the case of United States foreign debt, the United States Trade Representative shall use the net international investment position of the United States, with direct investment positions determined at market value, as compiled by the Bureau of Economic Analysis.

(B)

In the case of the United States trade deficit, the United States Trade Representative shall use the goods and services trade deficit data compiled by the United States Census Bureau.

(C)

In the case of the United States GDP, the United States Trade Representative shall use the nominal gross domestic product data compiled by the Bureau of Economic Analysis.

(2)

Adjustment

The United States Trade Representative may adjust the data described in paragraph (1) to ensure that the determination is made for comparable time period.