Oh, Just in Case You Fear the Debt Deal May Slow the Wars

Economics of Contempt tweets:

Note that the President and Congress will be allowed to use supplemental war approps bills to bypass the sequestration. Loophole city.

From the White House fact sheet:

If the Committee Fails to Report Legislation That Achieves $1.2 Trillion in Deficit Reduction, or Congress Fails to Enact the Committee's Recommendations, Sequestration is Triggered. If the joint committee fails to come to a majority agreement on recommendations that achieve at least $1.2 trillion, or Congress fails to enact recommendations that produce at least that amount, sequestration is triggered, forcing across-the-board spending cuts. The sequestration will be similar to the 1985 Gramm-Rudman-Hollings trigger and, with interest savings, will make up the differential between the deficit reduction achieved by the joint committee and $1.2 trillion.

Sequestration Will Use Balanced Approach to Spending Cuts. 50 Percent of Sequestration Will Come From Defense. If across-the-board cuts are triggered, 50 percent will come from defense spending (Function 050), with the remaining 50 percent coming from non-defense spending. The spending cuts would apply to fiscal years 2013-2021, and apply to both discretionary and mandatory spending programs with important exemptions. The amount of the defense spending cuts each year would be approximately $50 billion if sequestration is triggered

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