No Pay Raise for Congress Until the Budget is Balanced Act - Eliminates automatic cost of living adjustments (COLAs) for Members of Congress during FY2011 or any succeeding fiscal year, until the fiscal year following the first fiscal year that the annual federal budget deficit is $0.
Requires the Secretary of the Treasury to: (1) determine whether or not the annual federal budget deficit was $0 for that fiscal year, and if so, report that determination to Congress; and (2) report that determination also to the Secretary of the Senate and the Chief Administrative Officer of the House of Representatives, as well as whether or not such COLA restriction shall apply to the succeeding fiscal year.
Reduces the statutory limit on the public debt as follows: (1) for FY2011, $13.9 trillion; (2) for FY2012, $13.7 trillion; (3) for FY2013, $13.5 trillion; (4) for FY2014, $12.3 trillion; and (5) for FY2015 and each ensuing fiscal year, $12.1 trillion.
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