"Who will finance the $5 trillion in debt created by the president's Social Security privatization plan?"

China and Japan Will Finance Most of the Debt. If recent trends continue, virtually all the additional debt required by the Republican privatization plan is likely to be borrowed from foreigners. Last year, between January and November, publicly-held debt increased by $363 billion, $362 billion of which represented an increase in foreign holdings of such debt. Currently, the largest holders of our debt are Japan ($715 billion) and China ($191 billion)." [U.S. Treasury Department, Major Foreign Holders of Treasury Securities, 1/18/05]