American Social Security Protection and Debt Repayment Act

American Social Security Protection and Debt Repayment Act - Prohibits, beginning with FY 2001, budgeted outlays from exceeding budgeted revenues. Requires actual revenues to exceed actual outlays in order to provide for the reduction of the Federal debt held by the public.

Provides for a reduction in the public debt of $15 billion in FY 2001, increased by an additional $15 billion every fiscal year until the entire debt has been paid.

Requires the surplus funds in the Federal Old Age and Survivors and Disability Insurance Trust Funds to be used to reduce the debt owed to the public until Congress enacts major social security reform legislation. Defines "social security reform legislation" as legislation that: (1) insures the long-term financial solvency of the social security system; and (2) includes an option for private investment of social security funds by beneficiaries.

Provides a point of order against consideration of any concurrent resolution on the budget that does not comply with this Act. Authorizes a waiver of this Act for any fiscal year in which a declaration of war is in effect.

Bars any bill to increase revenues from being deemed to have passed the House of Representatives or the Senate unless approved by a majority of each House.

Directs Congress to review actual revenues on a quarterly basis and adjust outlays to assure compliance with this Act.