H.R. 4966 (112th): Sequester Replacement Act of 2012

112th Congress, 2011–2013. Text as of May 09, 2012 (Reported by House Committee).

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IB

Union Calendar No. 329

112th CONGRESS

2d Session

H. R. 4966

[Report No. 112–469, Part I]

IN THE HOUSE OF REPRESENTATIVES

April 27, 2012

introduced the following bill; which was referred to the Committee on the Budget, and in addition to the Committee on Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned

May 9, 2012

Reported from the Committee on the Budget with an amendment

Omit the part struck through and insert the part printed in italic

May 9, 2012

The Committee on Rules discharged; committed to the Committee of the Whole House on the State of the Union and ordered to be printed


A BILL

To amend the Balanced Budget and Emergency Deficit Control Act of 1985 to replace the sequester established by the Budget Control Act of 2011.


1.

Short title

This Act may be cited as the Sequester Replacement Act of 2012.

2.

Contingent effective date

This Act and the amendments made by it shall take effect upon the enactment of the Act provided for in section 201 of H. Con. Res. 112 (112th Congress) and this Act and the amendments made by it shall have no force or effect if such Act provided for in such section is not enacted.

3.

Protecting veterans programs from sequester

Section 256(e)(2)(E) of the Balanced Budget and Emergency Deficit Control Act of 1985 is repealed.

4.

Achieving $19 billion in discretionary savings

(a)

Revised 2013 discretionary spending limit

Paragraph (2) of section 251(c) of the Balanced Budget and Emergency Deficit Control Act of 1985 is amended to read as follows:

(2)

with respect to fiscal year 2013, for the discretionary category, $1,047,000,000,000 in new budget authority;

.

(b)

Discretionary savings

Section 251A(7)(A) of the Balanced Budget and Emergency Deficit Control Act of 1985 is amended to read as follows:

(A)

Fiscal year 2013

(i)

Fiscal year 2013 adjustment

On January 2, 2013, the discretionary category set forth in section 251(c)(2)(A)251(c)(2) shall be decreased by $19,104,000,000 in budget authority.

(ii)

Supplemental sequestration order

On January 15, 2013, OMB shall issue a supplemental sequestration report for fiscal year 2013 and take the form of a final sequestration report as set forth in section 254(f)(2) and using the procedures set forth in section 253(f), to eliminate any discretionary spending breach of the spending limit set forth in section 251(c)(2)(A)251(c)(2) as adjusted by clause (i), and the President shall order a sequestration, if any, as required by such report.

.

5.

Conforming amendments to section 314 of the Congressional Budget and Impoundment Control Act of 1974

Section 314(a) of the Congressional Budget Act of 1974 is amended to read as follows:

(a)

Adjustments

(1)

In general

The chair of the Committee on the Budget of the House of Representatives or the Senate may make adjustments as set forth in paragraph (2) for a bill or joint resolution, amendment thereto or conference report thereon, by the amount of new budget authority and outlays flowing therefrom in the same amount as required by section 251(b) of the Balanced Budget and Emergency Deficit Control Act of 1985.

(2)

Matters to be adjusted

The chair of the Committee on the Budget of the House of Representatives or the Senate may make the adjustments referred to in paragraph (1) to—

(A)

the allocations made pursuant to the appropriate concurrent resolution on the budget pursuant to section 302(a);

(B)

the budgetary aggregates as set forth in the appropriate concurrent resolution on the budget; and

(C)

the discretionary spending limits, if any, set forth in the appropriate concurrent resolution on the budget.

.

6.

Treatment for PAYGO purposes

The budgetary effects of this Act and any amendment made by it, and the budgetary effects of the Act provided for by section 201 of H. Con. Res. 112 (112th Congress), shall not be entered on either PAYGO scorecard maintained pursuant to section 4(d) of the Statutory Pay-As-You-Go Act of 2010.

7.

Elimination of the fiscal year 2013 sequestration for defense direct spending

Any sequestration order issued by the President under the Balanced Budget and Emergency Deficit Control Act of 1985 to carry out reductions to direct spending for the defense function (050) for fiscal year 2013 pursuant to section 251A of such Act shall have no force or effect.

May 9, 2012

Reported from the Committee on the Budget with an amendment

May 9, 2012

The Committee on Rules discharged; committed to the Committee of the Whole House on the State of the Union and ordered to be printed