NC S414

North Carolina enacts and adopts the "Compact for a Balanced Budget," a multi-state compact that applies to Congress for a convention limited to proposing a Balanced Budget Amendment to the U.S. Constitution.

The proposed Balanced Budget Amendment requires total federal outlays not exceed receipts unless financed by debt, caps authorized debt at 105% of current levels (adjustable by state legislatures), requires two-thirds congressional vote for new revenue taxes, and mandates presidential impoundment when debt exceeds 98% of the limit.

Creates a Compact Commission with representatives from each member state to coordinate state participation, appoint a Compact Administrator, and oversee convention logistics; the convention is limited to proposing only the Balanced Budget Amendment.

Each member state appoints one delegate (the chief executive officer) to represent it at the convention, with strict restrictions on delegate authority limited to enforcing convention rules and voting on the Balanced Budget Amendment only.

The compact terminates April 12, 2031, if the Balanced Budget Amendment has not been ratified by then, or earlier upon successful ratification; member states cannot withdraw once three-fourths of all states have joined.