HB2994 Summary

• Oklahoma enacts the "Compact for a Balanced Budget," a multistate interstate compact requiring participating states to apply to Congress for an Article V constitutional convention limited solely to proposing a specified Balanced Budget Amendment.

• The Balanced Budget Amendment requires total federal outlays not exceed total receipts unless financed by debt, caps authorized debt at 105% of current levels with state legislature approval for increases, and mandates presidential impoundment when debt exceeds 98% of the limit.

• Establishes a Compact Commission with one unpaid member per member state to coordinate obligations, oversee convention logistics, and appoint a Compact Administrator responsible for organizing the convention and maintaining member state records.

• Designates each member state's sitting chief executive officer as a convention delegate limited to introducing, debating, and voting solely on the Balanced Budget Amendment and convention rules; delegates forfeit appointment if any member state violates the compact.

• Convention must adopt specified rules as first order of business and permanently adjourn within 24 hours or upon agenda completion; any proposal or action violating the compact is void, and the compact terminates seven years after the first state enacts it if the amendment has not been ratified.