In October 2020, the U.S. national debt was $27 trillion. A year later, it was $29 trillion, and now in 2023 it is over $32 trillion. Please discuss:

1. How much of the U.S. debt is held by foreign governments or institutions?

2. Which 2 foreign countries are the largest holders of U.S. debt?

3. What would happen if their demand for Treasury securities declined?

4. What would happen if they engaged in a mass sell-off?