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Committee on Ways and MeansCommittee on the BudgetIntroducedFebruary 27th, 2013
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Sequestration Relief Act of 2013
To amend the Balanced Budget and Emergency Deficit Control Act of 1985 to eliminate the section 251A sequestrations and to reduce the security and nonsecurity discretionary spending limits by $320 billion from fiscal year 2014 through fiscal year 2021, and to suspend the statutory limit on the public debt until February 1, 2017.
Sequestration Relief Act of 2013 - Amends the Balanced Budget and Emergency Deficit Controlled Act of 1985 (Gramm-Rudman-Hollings Act), as amended by the Budget Control Act of 2011, to repeal automatic sequestration to enforce a specified budget goal. Reduces the discretionary spending limits for security and nonsecurity categories by $320 billion for FY2014-FY2021. Confines the current meaning of "security category" under the Gramm-Rudman-Hollings Act to FY2012-FY2013. Revises the definition of "security category" for FY2014-FY2021 to mean discretionary appropriations in all of budget function 050 (national defense). Amends the No Budget, No Pay Act of 2013 to suspend through January 31, 2017, the current $16.394 trillion public debt limit. Postpones until February 1, 2017, an automatic increase in the public debt limit to the extent that: (1) the face amount of obligations issued and the face amount of obligations whose principal and interest are guaranteed by the federal government (except guaranteed obligations held by the Secretary of the Treasury) outstanding on February 1, 2017, exceeds (2) the face amount of such obligations outstanding on the date of enactment of the No Budget, No Pay Act of 2013 (February 24, 2013). Prohibits an obligation from being taken into account unless its issuance was necessary to fund a commitment incurred by the federal government that required payment before February 1, 2017.