Donald Trump wants to negotiate the national debt.  Treasury debt can't be negotiated directly, because it changes the value of the debt and kills the source of financing for the military.

This is the plan:

1. Create a "Credit Assurance Bureau" (CAB) as part of the Treasury.  Their job is to take custody of Treasury debt, one bond or instrument at a time and retire it.  The instrument is removed from the markets, assured to not be used as collateral, and the interest obligation is removed for up to one year.  The debt obligation is now in the custody of the Treasury and represents a debt owed to the former "bond-owner".  That is called a Federal Credit Receipt (FCR).  The FCR is a new debt-instrument that can be negotiated.

2. The Florida State legislature creates a "Credit Review Commission" (CRC) that will decide how the FCR will be swapped for another asset of benefit to the economy.  This could also be used for infrastructure through negotiations with the owner of the FCR.  The CRC is composed of many people in different jurisdictions.  The FCR can be used as collateral for a loan, while it is swapped for an equity position in another asset.  If the FCR is not redeemed for another asset within 1 year, the CAB can issue another Treasury bond to satisfy the owner of the obligation.

The above is what Wall Street describes as a debt-to-equity swap, however, it is structured through legislation to allow the population to decide how the money is spent.

This probably sounds new, but it is rather straight-forward.

Based on population, each State can "spend" up to $1 trillion, using the national debt as collateral, while negotiating with the original owners of the debt.