HR 1008 Summary

• Authorizes Representative Bell to introduce legislation enacting the "Compact for a Balanced Budget," an interstate compact calling for a federal balanced budget constitutional amendment.

• Proposes a balanced budget amendment requiring total federal outlays not exceed total receipts unless financed by debt, with authorized debt initially set at 105% of outstanding debt on the amendment's effective date.

• Establishes a Compact Commission to coordinate state participation, oversee convention logistics, and enforce the compact; requires member states to appoint delegates limited to proposing only the balanced budget amendment.

• Mandates that delegates take an oath to follow the compact terms, that the convention adopt specific parliamentary rules, and that the convention permanently adjourn within 24 hours of commencing or upon completing its agenda.

• Terminates the compact if the balanced budget amendment is not ratified within seven years of the first state's enactment, with exclusive legal venue for disputes in federal district court for the Northern District of Texas.