Requires the Treasury Secretary, working with the Defense and State Secretaries, to deliver a report to Congress on how rising national debt and growing net interest payments could threaten U.S. national security. The report must analyze effects on defense spending, fiscal flexibility, the dollar, credit ratings, inflation, interest rates, and potential crowding out of national security and other priorities, and must include legislative recommendations; GAO must place the matter on its High Risk List. The first report is due within one year of enactment and must be updated whenever the National Defense Strategy is submitted to Congress.