Bill > HB264

This bill enacts the "Compact for a Balanced Budget," an agreement between states to collectively pursue a constitutional amendment requiring the U.S. government to balance its budget. The compact defines key terms like "Compact," "Convention" (a meeting of states to propose amendments), and "Member State" (a state that has adopted the compact). It outlines the structure and powers of a "Compact Commission" and a "Compact Administrator" to oversee the process, including coordinating efforts to encourage Congress to call a convention. The proposed Balanced Budget Amendment itself would limit government outlays to receipts, cap outstanding debt, and require a two-thirds congressional vote for new or increased general revenue taxes, with specific exceptions. The bill also details how states can join and withdraw from the compact, the roles and limitations of delegates attending the convention, and the rules governing the convention's proceedings, emphasizing that its sole purpose is to consider the Balanced Budget Amendment. Finally, it includes provisions for the enforcement of the compact and its termination upon the successful ratification of the amendment or after seven years if the amendment is not ratified.