Foreign Debt Ceiling Act of 2005 - Requires the U.S. Trade Representative (USTR), every three months, to determine if: (1) the net U.S. foreign debt for the preceding 12-month period is more than 25 percent of the U.S. Gross Domestic Product (GDP) for the same period; or (2) the U.S. trade deficit for such period is more than five percent of the GDP for the same period. Requires the USTR, whenever an affirmative determination is made, to: (1) convene an emergency meeting of the Trade Policy Review Group to develop a plan of action to reduce the U.S. trade deficit; and (2) report to Congress on the details of the plan.