A bill to provide for a sequester replacement.

Requires the President, by March 15, 2013, to submit to Congress a qualifying sequester replacement plan proposing to cancel permanently $85.333 billion of budgetary resources available for FY2013 from any discretionary appropriations or direct spending account. Requires further that:

• up to $42.666.500 billion of budgetary resources be cancelled from defense spending (budget function 050);
• any cancellation of such budgetary resources comply with the policies under and consistent with amounts authorized in the National Defense Authorization Act for Fiscal Year 2013 (NDAA FY2013);
• the cancellation is not implemented through changes to programs or activities contained in the Internal Revenue Code, or increases governmental receipts, offsetting collections, or offsetting receipts;
• any cancellation of budgetary resources in a non-defense spending account may not be offset against an increase in another such account; and
• the proposed cancellation reduces outlays by at least $82.500 billion by the end of FY2018.

Sets forth requirements for expedited consideration of a joint resolution of disapproval in both chambers of the qualifying sequester replacement plan.

Requires the President, if the joint resolution of disapproval is not enacted within seven calendar days after March 15, 2013, to cancel: (1) any sequestration order issued under the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) for enforcement of a specified budget goal, and (2) the budgetary resources submitted in the qualifying sequester replacement plan.

Authorizes the Secretary of Defense, for FY2013, in implementing sequestration under the Gramm-Rudman-Hollins Act, to transfer amounts appropriated for the Department of Defense (DOD) by the Continuing Appropriations Resolution, 2013 among DOD accounts.

Requires the total amount in any DOD account available for obligation and expenditure in FY2013 to be consistent with, and not exceed, the amount authorized to be appropriated for that account for FY2013 by division A of the NDAA FY2013.

Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov