MS HB1056

Enacts the "Compact for a Balanced Budget," an interstate compact requiring member states to apply to Congress for a constitutional convention limited to proposing a balanced budget amendment.

Establishes the Balanced Budget Amendment requiring total federal outlays not exceed total receipts, with authorized debt initially set at 105% of outstanding debt on the amendment's effective date and any increases requiring approval by a simple majority of state legislatures.

Creates a Compact Commission composed of one member from each member state to oversee logistics, encourage state participation, coordinate obligations, and defend the compact in legal proceedings.

Limits convention delegates to state chief executive officers serving as sole representatives, with strict restrictions on delegate authority to only introduce, debate, and vote on the Balanced Budget Amendment under specified convention rules.

Specifies the convention shall be held in Dallas, Texas, commence on the sixth Wednesday after Article V's effective date, permanently adjourn within 24 hours, and terminate the compact within seven years if the amendment is not ratified.