SR 5 Summary

• Authorizes the introduction of legislation to adopt the Compact for a Balanced Budget, which is an interstate agreement among states applying to Congress for a convention to propose a balanced budget amendment to the U.S. Constitution.

• Creates a Compact Commission with representatives from Member States to coordinate the convention, oversee logistics, and enforce the compact terms; establishes a Compact Administrator position.

• Proposes a Balanced Budget Amendment requiring federal outlays not exceed receipts unless financed by debt, with authorized debt initially capped at 105% of current levels and any increases requiring approval by a simple majority of state legislatures within 60 days.

• Specifies that each Member State appoints one delegate (its chief executive officer) to the convention, with strict limitations on delegate authority restricted solely to debating and voting on the Balanced Budget Amendment under specified convention rules.

• Includes provisions for convention procedures, delegate qualifications, termination if amendment not adopted within 7 years, and legal enforcement mechanisms, with exclusive venue for disputes in federal or state courts in Texas.