Changes

'''Budget sequestration''', or simply "'''sequestration'''," is an automatic reduction in planned spending by the federal government set to begin March 1.  These cuts total merely $1.2 trillion over 10 years, which would barely affect the overall national debt of $16 trillion.  Moreover, the cuts are primarily to planned growth in future spending, and may not reduce current spending levels much at all.  These cuts are to be divided 50% for domestic discretionary spending (not affecting [[entitlement]] programs like Social Security), and 50% for defence spending.

'''Budget sequestration''', or simply "'''sequestration'''," is an automatic reduction in planned spending by the federal government set to begin March 1, 2013.  These cuts total merely $1.2 trillion over 10 years, which would barely affect the overall national debt of $16 trillion.  Moreover, the cuts are primarily to planned growth in future spending, and may not reduce current spending levels much at all.  These cuts are to be divided 50% for domestic discretionary spending (not affecting [[entitlement]] programs like Social Security), and 50% for defence spending.

The term is formally defined in the Budget Enforcement Act (BEA) as the cancellation of budgetary resources provided by [[discretionary appropriation]]s or [[direct spending]] laws. New budget authority, unobligated balances, direct [[spending authority]], and obligation limitations are “sequestrable” resources; that is, they may be subject to reduction or cancellation under a [[president]]ial sequester order. <ref>[http://www.gao.gov/new.items/d05734sp.pdf A Glossary of Terms Used in the Federal Budget Process], pg. 94, pdf. www.gao.gov</ref>

The term is formally defined in the Budget Enforcement Act (BEA) as the cancellation of budgetary resources provided by [[discretionary appropriation]]s or [[direct spending]] laws. New budget authority, unobligated balances, direct [[spending authority]], and obligation limitations are “sequestrable” resources; that is, they may be subject to reduction or cancellation under a [[president]]ial sequester order. <ref>[http://www.gao.gov/new.items/d05734sp.pdf A Glossary of Terms Used in the Federal Budget Process], pg. 94, pdf. www.gao.gov</ref>