Congressional Pay for Performance Act

Congressional Pay for Performance Act - Sets forth a formula by which the rate of basic pay for each Member of Congress will be reduced effective as of the first applicable pay period of the first calendar year beginning after the end of a fiscal year from FY 1996 through 2001 for which the Federal deficit exceeds the deficit target by more than $1 billion.

Reduces such rate to zero if the Federal deficit for FY 2002 is $1 billion or greater, effective as of the first day of the first applicable pay period in calendar year 2003.

Provides that if the Federal deficit for any of FY 1996 through 2001, inclusive, is less than $1 billion, each Member's salary shall be restored to the rate in effect as of December 31, 1995, and this Act shall cease to be effective.

Requires, for purposes of this Act, the size of the Federal deficit for any fiscal year to be determined by the Congressional Budget Office (in writing): (1) on the basis of the Final Monthly Treasury Statement of Receipts and Outlays of the Federal Government, published by the Department of the Treasury; and (2) excluding any increase in tax revenues, attributable to the fiscal year involved, which occurs by reason of any provision of law enacted after this Act's enactment.

Provides that an individual's salary for the duration of his or her first term of office as a Member of Congress shall be determined as if this Act had never been enacted. Provides for suspension of this Act in time of war.

Repeals provisions of the Legislative Reorganization Act of 1946 which provide for automatic annual pay adjustments for Members of Congress.