Bill Summaries: H366 (2015-2016 Session)

Tracking:
  • Bill H 366 (2015-2016)
    Summary date: Mar 27 2015 - View summary

    Enacts new Article 80, Compact for a Balanced Budget, in GS Chapter 80. States that the state of North Carolina enacts, adopts, and agrees to be bound by the specified compact, which provides that every state enacting, adopting, and agreeing to be bound by the compact intends to ensure that its respective legislature's use of the power to originate a Balanced Budget Amendment under Article V of the US Constitution will be exercised conveniently and with reasonable certainty as to the consequences thereof. 

    Prohibits total outlays of the US government from exceeding total receipts at any point in time unless the excess of outlays over receipts is financed exclusively by debt issued in strict conformity with this article. Also prohibits outstanding debt from exceeding authorized debt. Sets out the procedure under which Congress may increase authorized debt. Requires the President to enforce the debt limit whenever the outstanding debt exceeds 98% of the debt limit and specifies enforcement mechanisms. Prohibits a bill providing for a new or increased general revenue tax from becoming law unless approved by a two-thirds roll call vote. 

    Sets out provisions governing compact membership and withdrawal from the compact. 

    Establishes a Compact Commission and sets out the Commission's membership and duties, including encouraging states to join the compact and Congress to call the Convention in accordance with this compact and to coordinate the performance of obligations under the compact. Sets out other provisions related to the business of the Commission. Sets out the Compact Administrator's powers and duties.

    Applies to Congress for the calling of a convention for proposing amendments limited to the subject matter of proposing for ratification of the Balanced Budget Amendment and petitions Congress to refer the Balanced Budget Amendment to the States for ratification by three‑fourths of their respective legislatures. These provisions do not take effect until at least three‑fourths of the several states are member states.

    Includes additional provisions for delegate appointments, limitations and instructions, and convention rules.

    Sets out the Balanced Budget Amendment. 
    Government, APA/Rule Making
    GS 143

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