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.
Lifecycle of the Bill
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