The amendment, filed along with Sen. Jon Kyl (R-Ariz.) to the Economic Development Administration reauthorization bill, is part of a concerted effort by congressional Republicans to link the enormous debt to national security concerns. According to a statement released by Cornyn's office, the amendment is designed to "ensure policymakers and the American public are more clearly informed on the details and risks of our overall debt to foreign countries."

The legislation would require four reports of "risk assessment" to Congress each year, as well as an annual report created by the Government Accountability Office on how the U.S. can reduce its outlays.

Senators have introduced 70 amendments to the Economic Development Revitalization Act of 2011 so far. Further debate on that legislation and its amendments is scheduled for Tuesday.