The Obama administration’s Office of Management and Budget today released a report on the $1.2 trillion in automatic spending cuts — the so-called sequester — that will occur if Congress does not reach a deficit reduction deal by the end of the year. According to OMB, there is “no question that the sequestration would be deeply destructive to national security, domestic investments, and core government functions.” Under the sequester, defense spending that is not exempted would be reduced by 9.4 percent, while non-defense discretionary spending that is not exempted would be reduced by 8.2 percent. Non-defense mandatory programs would be cut by 7.6 percent. Earlier this week, House Majority Leader Eric Cantor (R-VA) couldn’t name anything that Republicans would do to cut a deal to preempt the sequester.
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