Debt Ceiling Act, 654: Difference between revisions
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''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.'' <br> |
''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.'' <br> |
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''REJECTED on 31st of July 2023, 5 Aye, 15 Nay, 1 Abstain.'' |
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==Article One - Debt Ceiling== |
==Article One - Debt Ceiling== |
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:1 - The maximum allowed amount of debt of the Kodiak Republic is 150% of its GDP. |
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:1.2.1 - 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. |
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:1.2.2 - If it is not possible to determine a specific law that has exceeded the debt ceiling, then the draft laws are not deprived of legal force. |
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:1.3 - The Minister of Revenue and Finance, when discussing bills falling under the scope of clause 1.2.1 of this bill, must issue a warning to the General Assembly about exceeding the permissible maximum by the bill under discussion. |
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''Tabled by von Zeppelin, MGA, CKA, as an independent member's bill. |
''Tabled by von Zeppelin, MGA, CKA, as an independent member's bill. |
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Latest revision as of 22:04, 2 August 2023
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.
REJECTED on 31st of July 2023, 5 Aye, 15 Nay, 1 Abstain.
Article One - Debt Ceiling
- 1 - The maximum allowed amount of debt of the Kodiak Republic is 150% of its GDP.
Tabled by von Zeppelin, MGA, CKA, as an independent member's bill.
