The bill, H. 3007, is a concurrent resolution from the South Carolina General Assembly that seeks to apply for a convention of the states under Article V of the United States Constitution. The purpose of this convention would be to propose an amendment that imposes fiscal restraints on the federal government through a balanced budget amendment. The resolution highlights concerns over the federal budget deficit, which has exceeded thirty-six trillion dollars, and emphasizes the need for fiscal responsibility to protect economic opportunities for future generations.

The resolution includes several stipulations regarding the convention, such as clarifying that Congress's role is limited to calling the convention and that it cannot set rules or delegate powers. It also specifies that the convention must focus solely on the proposed amendment regarding fiscal restraints and cannot consider changes to the Bill of Rights or certain amendments. Additionally, the resolution states that it will remain in effect until at least two-thirds of state legislatures have made similar applications, and it supersedes any previous applications on the same subject.