Protect America from U.S. Military Expenses in Libya Act of 2011 - Directs the President, in order to ensure that the cost of Operation Odyssey Dawn (international military operation in Libya) (Operation) does not increase the federal deficit or reduce the capability of U.S. Armed Forces, to submit to Congress a list of recommendations for specific rescissions of nonsecurity discretionary appropriations for FY2011, for purposes of reappropriation to accounts of the Department of Defense (DOD) to replace amounts obligated for such Operation. Requires the aggregate amount of the recommended rescissions to be at least equal to the projected cost of such Operation.
Directs the Secretary of Defense to prepare and submit to Congress and the President the projected cost of such Operation through May 15, 2011.