The bill, S. 245, is a concurrent resolution from the South Carolina General Assembly that seeks to apply for a convention of 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 being out of balance, the rising national debt, and the negative impact of federal deficit spending on economic opportunities for current and future generations.

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