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.
- 1.2.1 - 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.
- 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.
- 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.
Tabled by von Zeppelin, MGA, CKA, as an independent member's bill.
