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Bill: Fiscal Management Act of 3296
Details
Submitted by[?]: Urban Party of Rutania
Status[?]: passed
Votes: This bill is a resolution. It requires more yes votes than no votes. This bill will not pass any sooner than the deadline.
Voting deadline: May 3297
Description[?]:
| [PREAMBLE] Since 3133, Rutania has maintained a Deficit Limit of 150 Billion RUT. However, given the recent reduction in population, the current limit of 150 Billion is too high and the Ministry of Finance has proposed a reduction in the number to a more realistic level. The Ministry of Finance also calls for the establishment of a Debt Limit. The premise behind this is exactly similar to that of the Deficit Limit except that this limit will be the legal borrowing limit by the federal government. Furthermore, the Ministry of Finance also request the creation of the Financial Statistics Office (FSO). An agency under the direction of the Ministry of Finance who's sole job is to monitor and report the financial statistics in the nation. [PROVISIONS] Article I. - Deficit Limit I. The Deficit Limit will be capped at 5 Billion RUT (1). In times of war or national emergency, the limit will be automatically raised to 10 Billion RUT (2). The following shall be in effect from the beginning of conflict until its end II. An act from the Parliament shall be required in order to raise or lower the deficit limit (1). Raising or lowering this limit will require amending this bill in the applicable sections III. Failure to raise or adhere to the limit will lead to a government shutdown (1). Shutdown shall occur exactly one calender month after the limit is breached (2). Shutdown shall end once the limit is raised or adhered to Article II. - Debt Limit I. The Debt Limit will be capped at 10 Billion RUT II. An act from the Parliament shall be required in order to raise or lower the debt limit (1). Raising or lowering this limit will require amending this bill in the applicable sections III. Failure to raise or adhere to the limit will lead to a government shutdown (1). Shutdown shall occur exactly one calender month after the limit is breached (2). Shutdown shall end once the limit is raised or adhered to IV. If the limit isn't raised or adhered to in one calendar year, the government shall default on its debt obligations (1). Default shall occur exactly one calender year after the limit is breached Article III - Financial Statistics Office I. Creation of the Financial Statistics Office (1). Charged with overseeing the federal budget and other key economic factors (2). Shall maintain and report statistics regarding key economic factors [AMENDMENTS] I. Repeal of the Deficit Limit Act (1). With the passage of this bill the Deficit Limit Act shall be repealed [APPENDIX] I. The present bill shall be adopted with 2/3 majority by the Parliament of the Republic of Rutania II. Amending any Article of this bill shall be required to follow the following voting format (1). Article I: Simple Majority (2). Article II: 2/3 Majority (3). Article III: Simple Majority III. Amending multiple Articles in this bill shall require a 2/3 majority (1). Repealing this bill will require a 2/3 majority IV. This law will come into effect approximately 3 months after its passage Signed by, James Simpson Minister of Foreign Affairs |
Proposals
Debate
These messages have been posted to debate on this bill:
| Date | 19:36:26, April 29, 2012 CET | From | Social Republican Party | To | Debating the Fiscal Management Act of 3296 |
| Message | Mr. Speaker, this is ghastly. Why should we incur any deficit at all? Just to finance the waste and corruption caused by the present government coalition at the expense of the taxpayer? Bryan Tersigni, SRP |
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Voting
| Vote | Seats | ||||
| yes |
Total Seats: 335 | ||||
| no | Total Seats: 147 | ||||
| abstain |
Total Seats: 117 |
| Random fact: Google Translate can help you with those language translations: https://translate.google.com/ |
| Random quote: "Political institutions are a superstructure resting on an economic foundation." - Vladimir Lenin |