Congressional Pay Adjustment Act - Reduces the annual rate of pay in 2015 for Members of Congress by 20% of the 2013 pay rate. Maintains the pay rate for subsequent pay periods at the 2013 rate.
Prohibits a Member of Congress from receiving a cost-of-living adjustment under the Legislative Reorganization Act of 1946 during any fiscal year (beginning with FY2014) unless the Secretary of the Treasury reports to Congress (beginning with FY2013) that a federal budget deficit did not exist in the previous fiscal year.