The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
2/15/2014--Public Law. Amends the Balanced Budget and Emergency Deficit Control Act of 1985, with respect to the implementation of direct spending reductions, to require the President to order a sequestration for FY2024 on the date the Office of Management and Budget (OMB) issues its sequestration preview report for such fiscal year.
Makes the reduction in annual cost-of-living adjustments of military retired pay for armed forces members under age 62 enacted by the Bipartisan Budget Act of 2013 inapplicable to those who first became members before January 1, 2014. (That Act reduced the cost-of-living adjustments from the full Consumer Price Index [CPI] to the CPI less 1%.)
Amends title XVIII (Medicare) of the Social Security Act to replace the requirement to establish a Medicare Improvement Fund with one that requires the Secretary of Health and Human Services (HHS) to establish a Transitional Fund for Sustainable Growth Rate (SGR) Reform, available to provide funds to pay for physicians' services under part B (Supplementary Medical Insurance) to supplement the conversion factor for 2017 if the conversion factor for that year is less than that for 2013. Makes $2.3 billion available to the Fund from the Federal Supplementary Medical Insurance Trust Fund for expenditures during or after 2017.