Debt Ceiling Act, 654

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.