OMB Sequestration Preview Report to the President and Congress for Fiscal Year 2014 and OMB Report to the Congress on the Joint Committee Reductions for Fiscal Year 2014

The Budget Control Act of 2011 (BCA), P.L. 112-25, amended the Balanced Budget and Emergency Deficit Control Act of 1985 (BBEDCA) by reinstating limits ("caps") on discretionary budget author-ity, which expired after 2002. The 2013 and 2014 limits were revised further by the American Taxpayer Relief Act of 2012 (ATRA), P.L. 112-240. Section 254 of BBEDCA requires OMB to issue a sequestration preview report with the President's budget submission. This preview report, the first of the three required sequestration reports for 2014, provides the status of the discretionary caps for the current year and each year thereafter through 2021 as of the end of the second session of the 112th Congress based on current law, including further adjustments made to the current year (2013) caps in the OMB Final Sequestration Report for FY 2013, the release of which was delayed by ATRA. This report also includes adjustments to the budget year (2014) caps that are based on the reductions required pursuant to section 251A of BBEDCA as calculated in the OMB Report to the Congress on the Joint Committee Reductions for Fiscal Year 2014. Finally, this report details the President's proposals to restore the reductions in the 2014 caps to the levels agreed to in the bipar-tisan BCA as amended by ATRA.