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Balanced Budget Amendment

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Mr. Sharp, for himself and others submits the following,

A BILL

Proposing a balanced budget amendment to the Constitution of the Southeast Region.

Section 1. Total outlays for any fiscal year shall not exceed total receipts for that fiscal year, unless three-fifths of the whole number of the regional legislature shall provide by law for a specific excess of outlays over receipts by a rollcall vote.

Section 2. The limit on the debt of the Southeast Region held by the public shall not be increased, unless three-fifths of the whole number of each House shall provide by law for such an increase by a rollcall vote.

Section 3. Prior to each fiscal year, the Governor shall transmit to the Legislature a proposed budget for the Southeast for that fiscal year in which total outlays do not exceed total receipts.

Section 4. No bill to increase revenue shall become law unless approved by a majority of the whole number of the Legislature by a rollcall vote.

Section 5. The Legislature shall enforce and implement this article by appropriate legislation, which may rely on estimates of outlays and receipts.

Section 6. This article shall take effect beginning the next fiscal year beginning after its passage.

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