Summary

Requires the Office of Management and Budget (OMB) to issue automatic spending cuts (sequestration orders) over five years after any fiscal year that includes "emergency" spending. Each year OMB must target outlay savings equal to one‑fifth of the total emergency spending, apply uniform percentage reductions across non‑exempt accounts, and notify Congress about which accounts will be cut. The bill also lists narrow exemptions (Social Security, Railroad Retirement, Defense function 050, all VA programs, and Medicare) and requires lawmakers to justify emergency designations in committee reports or the Congressional Record using existing legal definitions.

• Triggers five annual sequestration orders after any fiscal year with emergency spending, each targeting outlay savings equal to one‑fifth of total emergency spending.
• Requires uniform percentage reductions across non‑exempt accounts, separating discretionary and mandatory account treatments.
• Offsets enacted with the emergency spending reduce the total sequestration required.
• Specifically exempts Social Security (Title II), Railroad Retirement, Defense budget function 050, all VA programs, and Medicare (Title XVIII).
• OMB must notify Congress and list affected accounts when issuing sequestration orders.
• Lawmakers must justify emergency spending in committee reports or the Congressional Record using existing statutory definitions.
• Defines terms and the meaning of "emergency spending" by reference to existing budget statutes and PAYGO rules.
• Limits the ability to protect specific programs from sequestration beyond the listed exemptions.