With the proposed automatic spending cuts, or sequestration set to begin March 1, 2013, Leon Panetta was quoted saying, “These steps would seriously damage a fragile American economy and they would degrade our ability to respond to crisis precisely at a time of rising instability across the globe.” This year, an approximate $46 billion reduction of spending will result in “a serious disruption in defense programs and a sharp decline in our military readiness,” Panetta also said.
What is Sequestration?
Sequestration is a process of automatic, across-the-board spending reductions to meet or enforce certain budget policy goals. A sequestration was triggered by the Joint Committee’s when it was not able to achieve its goal originally scheduled to occur on January 2, 2013, to affect spending for the fiscal year 2013. However, legislation was enacted on January 2 that delayed this sequester until March 1, 2013 (American Taxpayer Relief Act of 2012, P.L. 112-240).
With this sequestration/sequester looming in the near future, some of the cuts would impact the nations defense budget and would include the following: