A bill to provide for a sequester replacement.

Summary: Requires the President, by May 15, 2013, to submit to Congress a qualifying sequester replacement plan proposing to cancel permanently at least $85.333 billion of budgetary resources available for FY2013 from any discretionary appropriations or direct spending account. Requires further that:  up to $42.666.500 billion of budgetary resources be cancelled from defense spending (budget function 050); any cancellation of such budgetary resources comply with the policies under and consistent with amounts authorized in the National Defense Authorization Act for Fiscal Year 2013 (NDAA FY2013); the cancellation is not implemented through changes to programs or activities contained in the Internal Revenue Code, or increases governmental receipts, offsetting collections, or offsetting receipts; any cancellation of budgetary resources in a non-defense spending account may not be offset against an increase in another such account; and the proposed cancellation reduces outlays by at least $82.500 billion by the end of FY2018.  Sets forth requirements for expedited consideration of a joint resolution of disapproval in both chambers of the qualifying sequester replacement plan. Requires the President, if the joint resolution of disapproval is not enacted within seven calendar days after May 15, 2013, to cancel: (1) any sequestration order issued under the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) for enforcement of a specified budget goal, and (2) the budgetary resources submitted in the qualifying sequester replacement plan.

of Disapproval.--
            (1) No referral.--A joint resolution shall not be referred 
        to a committee in either House of Congress and shall 
        immediately be placed on the calendar.
            (2) Motion to proceed.--A motion to proceed to a joint 
        resolution is highly privileged in the House of Representatives 
        and is privileged in the Senate and is not debatable. The 
        motion is not subject to a motion to postpone and all points of 
        order against the motion are waived. A motion to reconsider the 
        vote by which the motion is agreed to or disagreed to shall not 
        be in order. If a motion to proceed to the consideration of a 
        joint resolution is agreed to, the joint resolution shall 
        remain the unfinished business of the respective House until 
        disposed of.
            (3) Expedited consideration in house of representatives.--
        In the House of Representatives, a joint resolution shall be 
        considered as read. All points of order against a joint 
        resolution and against its consideration are waived. The 
        previous question shall be considered as ordered on the joint 
        resolution to its passage without intervening motion except 2 
        hours of debate equally divided and controlled by the proponent 
        and an opponent. A motion to reconsider the vote on passage of 
        the joint resolution shall not be in order.
            (4) Expedited procedure in senate.--
                    (A) Consideration.--In the Senate, consideration of 
                a joint resolution, and on all debatable motions and 
                appeals in connection therewith, shall be limited to 
                not more than 10 hours, which shall be divided equally 
                between the majority and minority leaders or their 
                designees. A motion further to limit debate is in order 
                and not debatable. An amendment to, or a motion to 
                postpone, or a motion to proceed to the consideration 
                of other business, or a motion to recommit the joint 
                resolution is not in order.
                    (B) Vote on passage.--If the Senate has proceeded 
                to a joint resolution, the vote on passage of the joint 
                resolution shall occur immediately following the 
                conclusion of consideration of the joint resolution, 
                and a single quorum call at the conclusion of the 
                debate if requested in accordance with the rules of the 
                Senate.
                    (C) Rulings of the chair on procedure.--Appeals 
                from the decisions of the Chair relating to the 
                application of the rules of the Senate to the procedure 
                relating to a joint resolution shall be decided without 
                debate.
            (5) Amendment not in order.--A joint resolution considered 
        under this subsection shall not be subject to amendment in 
        either the House of Representatives or the Senate.
            (6) Coordination with action by other house.--If, before 
        passing a joint resolution, one House receives from the other 
        House a joint resolution--
                    (A) the joint resolution of the other House shall 
                not be referred to a committee; and
                    (B) the procedure in the receiving House shall be 
                the same as if no joint resolution had been received 
                from the other House, except that the vote on final 
                passage shall be on the joint resolution of the other 
                House.
            (7) Period.--Subject to subsection (d)(1), Congress may not 
        consider a joint resolution under this subsection after the 
        date that is 7 calendar days after May 15, 2013.
            (8) Rules of house of representatives and senate.--This 
        subsection is enacted by Congress--
                    (A) as an exercise of the rulemaking power of the 
                Senate and House of Representatives, respectively, and 
                as such it is deemed a part of the rules of each House, 
                respectively, but applicable only with respect to the 
                procedure to be followed in that House in the case of a 
                joint resolution, and it supersedes other rules only to 
                the extent that it is inconsistent with such rules; and
                    (B) with full recognition of the constitutional 
                right of either House to change the rules (so far as 
                relating to the procedure of that House) at any time, 
                in the same manner, and to the same extent as in the 
                case of any other rule of that House.
    (d) Consideration After Passage.--
            (1) Computation of days.--If Congress passes a joint 
        resolution, the period beginning on the date the President is 
        presented with the joint resolution and ending on the date the 
        President signs, allows to become law without his signature, or 
        vetoes and returns the joint resolution (but excluding days 
        when either House is not in session) shall be disregarded in 
        computing the calendar day period described in subsection 
        (c)(7).
            (2) Veto override.--Debate on a veto message in the House 
        of Representatives and the Senate relating to a joint 
        resolution shall be 1 hour equally divided between the majority 
        and minority leaders or their designees.
    (e) Disapproval.--If a joint resolution is enacted under this 
section--
            (1) the President may not carrying out the proposed 
        cancellation of budgetary resources in the qualifying sequester 
        replacement plan submitted under subsection (b); and
            (2) sequestration shall continue in accordance with the 
        Balanced Budget and Emergency Deficit Control Act of 1985 (2 
        U.S.C. 900 et seq.).
    (f) Failure to Enact Disapproval.--Effective on the day after the 
end of the calendar day period under subsection (c)(7) (as determined 
in accordance with subsection (d)(1)), if the President has submitted a 
qualifying sequester replacement plan in accordance with subsection (b) 
and a joint resolution of disapproval has not been enacted under this 
section, the President shall--
            (1) cancel any sequestration order issued under section 
        251A of the Balanced Budget and Emergency Deficit Control Act 
        of 1985 (2 U.S.C. 901a); and
            (2) cancel budgetary resources in accordance with the 
        qualifying sequester replacement plan submitted under 
        subsection (b).