MI SB0306

Michigan enters into an interstate compact with other states to apply to Congress for a convention under Article V of the U.S. Constitution to propose a Balanced Budget Amendment to the Constitution.

The Balanced Budget Amendment requires that total federal outlays not exceed total receipts unless the excess is financed by debt, with initial authorized debt set at 105 percent of outstanding debt at the amendment's effective date, and subsequent increases requiring approval by a simple majority of state legislatures within 60 calendar days.

States enacting substantively identical compact legislation become "Member States" and must appoint one delegate per state (the state's chief executive officer) to attend the convention, with delegates' authority strictly limited to introducing, debating, and voting on the Balanced Budget Amendment only.

The convention is limited to a single-subject focus on the Balanced Budget Amendment, must adopt specified parliamentary rules, and is set to occur in Dallas, Texas on the sixth Wednesday after the later of the compact's effective date or Congressional call, with proceedings lasting no more than 24 hours.

The compact automatically terminates if the Balanced Budget Amendment is not ratified within 7 years of the first state's enactment, and member states cannot withdraw once three-fourths of all states have joined the compact.