Governor Sean Parnell today signed legislation calling for a Balanced Budget Amendment to the United States Constitution. Specifically, House Bill 284 authorizes the state to participate in an interstate compact to amend the U.S. Constitution with a Balanced Budget Amendment via the Constitution's Article V process.
"We have worked hard to get Alaska's financial house in order by addressing our largest budget cost driver -- the state's pension liability," Governor Parnell said. "Now it is time the federal government takes the necessary steps to address its out-of-control debt. America remains on an unsustainable spending path and we cannot rely on Congress or the president to fix this problem. A Balanced Budget Amendment will be an effective tool to rein in federal spending and not saddle future generations with our country's debt."
House Bill 284 is sponsored by Representative Wes Keller, and Senator John Coghill carried the Senate companion bill.