Abstract: The Budget Control Act created an automatic enforcement regime that would cut federal spending by $1.2 trillion, including a devastating $55 billion per year reduction in national defense. Having failed to act all year, Congress now faces the first thrust of this “sequestration,” scheduled to start January 2. To avoid slashing defense, Congress should draw from proposals to replace these sequestration cuts. This report offers proposals that could achieve $150 billion in annualized savings.
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