Buryatia's Parliament to vote on National Debt Laws

[Imperator Azenquor]

BCNA News:

“In a heated debate in the Parliament today, MPs voiced their positions on the controversial new debt law proposed by the Democratic Party of Buryatia (DPB).

The governing Party of Workers’ (POW) argued against the proposal claiming that it would severely restrict the ability of the government to formulate an effective budget and would severely curtail expenditures on social programs. This argument was countered by claims from the Pan Asia Party (PAP), that the move would limit government waste and would allow much more oversight over government spending.

BCNA News has obtained a draft copy of the proposed Debt legislation, but we are not able to secure a copy of the finalized document that is due for a vote in the next hour."-Reporter

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Title: Control of the National Debt Act

Type: Basic Law

The government of the United Kingdom of Buryatia and the Financial Institutions of the government are bound upon penalty of impeachment to obey this act in its entirety.

1. No government, regardless of the circumstances, may borrow more than 3% of GDP without the approval of 2/3 of the Parliament, 2/3 of the People’s Council and the unanimous support of the Judiciary Branch (via the Supreme Court)

2. The government shall be required to provide full reports on the status of the nation’s finances to the Judiciary, and an Independent Economic Panel for review every quarter

3. The government must maintain a National Emergency Fund (NEF) into which contributions must be made every budget cycle. This fund may be used only if approved by 2/3 of the Parliament, the Judiciary and a national referendum.

4. The Basic Pay for Members of Parliament is to be reduced by 8% across the board with immediate effect.

5. Salaries paid to government officials may not be increased if such an increase is deemed to be out of pace with the average national income, and if the country has utilized clause 1 to permit borrowing of greater than 3%

6. If a government official, including Ministers of Government and the President, decide unilaterally to proceed with a budget or budget adjustment that would be in breach of the above clauses they are to be suspended from office pending an Impeachment hearing into their actions.

7. This law, once passed, may not be revoked by Parliament but will require a Royal Decree to rescind it

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"Canvassing of various MPs in Parliament suggests that the bill would gain the necessary votes to be enacted as long as the DPB and the PAP vote in favor, as there are suggestions of a possible split by some centrist MPs in the POW. The vote should be underway shortly.

President Zhukovsky has announced his refusal to sign such a bill ahead of the vote, in an attempt to stall the bill on the Parliament floor. If the President vetoes the legislation, it would pave the way for a showdown with the Parliament. The situation also raises concern as the President's Pan Asia Party has fully backed the proposal."-Reporter