NC H366

North Carolina enacts and adopts the "Compact for a Balanced Budget," a multi-state compact requiring member states to apply to Congress for a constitutional convention limited to proposing a Balanced Budget Amendment.

The proposed Balanced Budget Amendment prohibits federal outlays from exceeding receipts unless financed by authorized debt, caps authorized debt at 105% of current levels, and requires a two-thirds congressional vote to raise new or increased general revenue taxes.

Member states appoint one delegate each (their chief executive officer) to represent them at the convention, with delegates strictly limited to introducing, debating, and voting on the Balanced Budget Amendment only, bound by a specific oath of compliance with the compact.

The compact establishes a Commission and Compact Administrator to oversee logistics, maintain records, coordinate among member states, and ensure the convention operates under specified procedural rules based on Robert's Rules of Order.

The compact terminates if the Balanced Budget Amendment is ratified or automatically seven years after the first state enacts it, whichever comes first; venue for legal disputes is the U.S. District Court for the Northern District of Texas.