Protecting America's Solvency Act of 2015

To increase the statutory limit on the public debt by $1 trillion upon the adoption by Congress of a balanced budget Constitutional amendment and by an additional $1 trillion upon ratification by the States of that amendment. 1. Short title This Act may be cited as the Protecting America's Solvency Act of 2015 2. Increase in the statutory limit on the public debt (a) Adoption Effective upon the adoption by the Congress of a balanced budget Constitutional amendment with the provisions described in section 3 below, the statutory limit on the public debt set forth in section 3101(b) of title 31, United States Code, is increased by $1 trillion. (b) Ratification Effective upon the ratification by the States of the balanced budget Constitutional amendment with the provisions described in section 3 below, the statutory limit on the public debt set forth in section 3101(b) of title 31, United States Code, is increased by an additional $1 trillion. 3. Required provisions of a balanced budget constitutional amendment A balanced budget Constitutional amendment, to comply with the requirements of section 2 above, must include the following provisions: (1) Total outlays of the United States for any fiscal year shall not exceed total receipts for that fiscal year. Total receipts shall include all receipts of the United States except those derived from borrowing. Total outlays shall include all outlays of the United States except those for repayment of debt principal. The United States shall have no fiscal year deficits except pursuant to the terms of the amendment. (2) The fiscal year deficit prohibition described herein may be suspended by a majority of the membership of both Houses of Congress, by roll call vote, for any fiscal year in which the United States is actively engaged in military conflict pursuant to a war declared by Congress pursuant to article I, section 8, or may be suspended by four-fifths of the membership of Congress, by roll call vote, for any other fiscal year. (3) In any fiscal year in which Congress does not suspend the amendment pursuant to its terms and in which total outlays will or may exceed total receipts, the President shall take such steps as are necessary to ensure total outlays for that fiscal year do not exceed total receipts. The President may not order any increase in taxes or other revenue measures to enforce the amendment. A President’s failure to prevent a prohibited fiscal year deficit is an impeachable offense. (4) Any Member of Congress and any Governor or attorney general of any State shall have standing and a cause of action to seek judicial enforcement of the amendment. No court of the United States or of any State may order any increase in taxes or other revenue measures to prevent or reduce fiscal year deficits. (5) (A) The amendment shall be phased-in beginning with the first fiscal year commencing six or more months after ratification of the amendment by the States. (B) Within three months after ratification, the President shall calculate the total outlays, the total receipts, and the resulting deficit of the United States for the fiscal year in which the amendment was ratified. This deficit is the Base Deficit (C) Fiscal year deficits shall be phased out as follows: (i) The deficit for the first fiscal year commencing 6 or more months after ratification by the States of the amendment shall not exceed 80 percent of the Base Deficit. (ii) The deficit for the first fiscal year commencing 18 or more months after ratification by the States of the amendment shall not exceed 60 percent of the Base Deficit. (iii) The deficit for the first fiscal year commencing 30 or more months after ratification by the States of the amendment shall not exceed 40 percent of the Base Deficit. (iv) The deficit for the first fiscal year commencing 42 or more months after ratification by the States of the amendment shall not exceed 20 percent of the Base Deficit. (v) There shall be no deficit for any fiscal year commencing 54 or more months after ratification by the States of the amendment.

Summary: Protecting America's Solvency Act of 2015 This bill increases the statutory debt limit by $1 trillion after Congress adopts a balanced budget Constitutional amendment and by an additional $1 trillion after the amendment is ratified by the states. To comply with the requirements of this bill, the amendment must: prohibit total outlays for a year from exceeding receipts, excluding receipts derived from borrowing and outlays for repayment of debt principal; permit the deficit prohibition to be suspended by a majority of both houses of Congress in any year in which the United States is actively engaged in military conflict pursuant to a war declared by Congress or by a fourth-fifths vote in any other year; require the President to ensure that total outlays for a fiscal year do not exceed receipts and consider the failure to prevent a deficit to be an impeachable offense; permit any Member of Congress, governor, or attorney general to have standing and a cause of action to seek judicial enforcement of the amendment; prohibit the President, a court, or any state from ordering a tax increase or other revenue measures to enforce the requirements; and phase-in the requirements using a specified schedule of declining deficits.