Protecting America's Solvency Act of 2015

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.