Debt Ceiling Act, 654

From The Kodiak Republic Wiki

In order to save the Republic from default and prevent such a scenario in the future, it is necessary to drastically reduce the government's expenses and set the upper limit of the allowed public debt.
ACTIONED on ## month ####, ## Aye, ## Nay, ## Abstain.

Article One - Debt Ceiling

1.1 - The maximum allowed amount of debt of the Kodiak Republic is 150% of its GDP.
1.2 - Any bill, the financing of which will lead to exceeding this permitted maximum, has no legal force. The Kodiak budget is monitored by the Ministry of Revenue and Treasury.
1.3 - The Minister of Revenue and Finance, when discussing bills falling under the scope of clause 1.2 of this bill, must issue a warning to the General Assembly about exceeding the permissible maximum by the bill under discussion.

Tabled by von Zeppelin, MGA, CKA, as an independent member's bill.

Cookies help us deliver our services. By using our services, you agree to our use of cookies.