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I have not read the full War Powers Act but I'm willing to bet there is no 'penalty' for violating.
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There is an "up to 6 months" requirement to report to Congress, but no penalty for violating the War Powers Act other than:
Within sixty calendar days after a report is submitted or is required to be submitted pursuant to section 4(a)(1), whichever is earlier, the President shall terminate any use of United States Armed Forces with respect to which such report was submitted (or required to be submitted), unless the Congress (1) has declared war or has enacted a specific authorization for such use of United States Armed Forces, (2) has extended by law such sixty-day period, or (3) is physically unable to meet as a result of an armed attack upon the United States. Such sixty-day period shall be extended for not more than an additional thirty days if the President determines and certifies to the Congress in writing that unavoidable military necessity respecting the safety of United States Armed Forces requires the continued use of such armed forces in the course of bringing about a prompt removal of such forces.
http://www.cs.indiana.edu/statecraft/warpow.html
The broader "penalty" is the Constitutional obligation of the President to uphold the laws of the land.