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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
9/13/2012--Passed House without amendment. National Security and Job Protection Act - Makes the effective date of this Act contingent upon enactment of: (1) the reconciliation Act with certain spending reductions for a specified deficit reduction contemplated by H.Con.Res. 112, as passed by the House of Representatives on March 16, 2012; or (2) similar legislation that achieves outlay reductions within five years after enactment that equal or exceed specified outlay reductions flowing from the budget authority reductions required by the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act), as in force immediately before enactment of this Act, as it applies to direct spending in the defense function for FY2013 combined with the outlay reductions flowing from the across-the-board decrease in discretionary spending made by this Act.
Amends the Gramm-Rudman-Hollings Act to abolish the distinction between security and nonsecurity categories of discretionary spending for new budget authority in FY2013. Combines the dollar amounts of the current categories ($686 billion for the security category and $361 billion for the nonsecurity category) into a single amount of $1.047 trillion in new budget authority.
Revises sequestration requirements for FY2013 to require a $19.104 billion across-the-board decrease in the discretionary spending category as of January 2, 2013.
Directs the Office of Management and Budget (OMB) to issue a supplemental sequestration report for FY2013 to eliminate any discretionary spending breach of the $1.047 trillion spending limit, as adjusted by the $19.104 billion across-the-board reduction requirement of this Act. Directs the President to issue an order to eliminate the breach, if any, identified in such report.
Nullifies any sequestration order the President may issue under the Gramm-Rudman-Hollings Act to carry out reductions to direct spending for the FY2013 defense function (050).
Provides that, if the legislation referred to above is enacted and achieves the outlay reductions specified, and those reductions exceed the outlay reductions flowing from the spending budget authority reductions required by the Gramm-Rudman-Hollings Act, the direct spending reductions for the nonsecurity category for FY2013 (otherwise required to be reduced) shall be reduced by the difference.
Requires the President by October 15, 2012, to transmit to Congress a legislative proposal that meets such requirements.