The sequester is due to take effect one week from today. If Congress does not act, these budget cuts will happen.
The 2013 sequester includes:
- $42.7 billion in defense cuts (a 7.9 percent cut).
- $28.7 billion in domestic discretionary cuts (a 5.3 percent cut).
- $9.9 billion in Medicare cuts (a 2 percent cut).
- $4 billion in other mandatory cuts (a 5.8 percent cut to nondefense programs, and a 7.8 percent cut to mandatory defense programs).
That makes for a total of $85.4 billion in cuts. Note: numbers here updated to latest CBO figures; thanks to Center for Budget and Policy Priorities for noting the difference from initial OMB numbers.
More will be cut in 2014 and later; from 2014 to 2021, the sequester will cut $87 to $92 billion from the discretionary budget every year, and $109 billion total.
Read the full Washington Post, WonkBlog here: