Protect America from U.S. Military Expenses in Libya Act of 2011 - Directs the President, in order to ensure that the cost of military operations in Libya 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 operations. Requires the aggregate amount of the recommended rescissions to be at least equal to the projected cost of such operations.
Directs the Secretary of Defense to determine and submit to the President and Congress the projected cost of such operations through May 15, 2011.