SECTION 1. EXEMPTION FROM SEQUESTRATION FOR FISCAL YEAR 2014.

    (a) In General.--Section 251A(5) of the Balanced Budget and 
Emergency Deficit Control Act of 1985 (2 U.S.C. 901a(5)) is amended--
            (1) by redesignating subparagraphs (A) and (B) as 
        subparagraphs (B) and (C), respectively;
            (2) by inserting before subparagraph (B), as redesignated, 
        the following:
                    ``(A) Modification of defense function 
                reductions.--Notwithstanding any other provision of 
                this Act, for discretionary appropriations and direct 
                spending accounts within function 050 (defense 
                function)--
                            ``(i) for fiscal year 2014, OMB--
                                    ``(I) shall not implement a 
                                reduction to such discretionary 
                                appropriations and direct spending 
                                accounts in the amount allocated under 
                                paragraph (4); and
                                    ``(II) shall reduce such 
                                discretionary appropriations and direct 
                                spending by a total amount of 
                                $15,000,000,000;
                            ``(ii) for fiscal year 2015, OMB--
                                    ``(I) shall not implement a 
                                reduction to such discretionary 
                                appropriations and direct spending 
                                accounts in the amount allocated under 
                                paragraph (4); and
                                    ``(II) shall reduce such 
                                discretionary appropriations and direct 
                                spending by a total amount of 
                                $30,000,000,000;
                            ``(iii) for fiscal year 2016, OMB shall 
                        increase the otherwise applicable amount of the 
                        reduction to such discretionary appropriations 
                        and direct spending accounts by $2,000,000,000;
                            ``(iv) for fiscal year 2017, OMB shall 
                        increase the otherwise applicable amount of the 
                        reduction to such discretionary appropriations 
                        and direct spending accounts by $9,000,000,000;
                            ``(v) for fiscal year 2018, OMB shall 
                        increase the otherwise applicable amount of the 
                        reduction to such discretionary appropriations 
                        and direct spending accounts by $9,000,000,000;
                            ``(vi) for fiscal year 2019, OMB shall 
                        increase the otherwise applicable amount of the 
                        reduction to such discretionary appropriations 
                        and direct spending accounts by 
                        $12,000,000,000;
                            ``(vii) for fiscal year 2020, OMB shall 
                        increase the otherwise applicable amount of the 
                        reduction to such discretionary appropriations 
                        and direct spending accounts by 
                        $15,000,000,000;
                            ``(viii) for fiscal year 2021, OMB shall 
                        increase the otherwise applicable amount of the 
                        reduction to such discretionary appropriations 
                        and direct spending accounts by 
                        $17,400,000,000; and
                            ``(ix) for each of fiscal years 2014 
                        through 2021, OMB shall calculate the amount of 
                        the respective reductions to discretionary 
                        appropriations and direct spending (as adjusted 
                        under this subparagraph) in accordance with 
                        subparagraphs (B) and (C).'';
            (3) in subparagraph (B)(i), as redesignated, by inserting 
        ``as adjusted, if adjusted, in accordance with subparagraph 
        (A)'' after ``paragraph (4)''; and
            (4) in subparagraph (C), as redesignated--
                    (A) by inserting ``as adjusted, if adjusted, in 
                accordance with subparagraph (A)'' after ``paragraph 
                (4)''; and
                    (B) by striking ``subparagraph (A)'' and inserting 
                ``subparagraph (B)''.
    (b) Revised Sequestration Preview Report.--Not later than 10 days 
after the date of enactment of this Act--
            (1) the Office of Management and Budget shall issue a 
        revised sequestration preview report for fiscal year 2014, 
        pursuant to section 254(c) of the Balanced Budget and Emergency 
        Deficit Control Act of 1985 (2 U.S.C. 904(c)), and a revised 
        report on the Joint Committee reductions for fiscal year 2014, 
        pursuant to section 251A(11) of the Balanced Budget and 
        Emergency Deficit Control Act of 1985 (2 U.S.C. 901a(11)), to 
        reflect the amendments made by subsection (a); and
            (2) the President shall issue a revised sequestration order 
        of direct spending budgetary reductions for fiscal year 2014 
        pursuant to section 251A(8) of the Balanced Budget and 
        Emergency Deficit Control Act of 1985 (2 U.S.C. 901a(8)).
Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to prohibit the Office of Management and Budget (OMB) from implementing the otherwise required 50% sequestrations for FY2014 and FY2015 of discretionary appropriations and direct spending accounts within function 050 (defense function) under the Act. Requires OMB instead to reduce such discretionary appropriations and direct spending amounts by $15 billion for FY2014 and $30 billion for FY2015. Requires OMB for each of FY2016-FY2021 to increase the otherwise applicable amount of the reduction to such discretionary appropriations and direct spending accounts by different specified amounts. (Thus implements the originally required cuts, in their entirety, over the duration of sequestration.) Requires:   OMB to issue a revised sequestration preview report for FY2014 and a revised report on the Joint Committee reductions for FY2014 to reflect the amendments made by this Act, and the President to issue a revised sequestration order of direct spending budgetary reductions for FY2014. 
A bill to mitigate the reduction in the readiness of our Armed Forces by reducing the defense sequestration cuts for fiscal years 2014 and 2015 but implementing the cuts, in their entirety, over the duration of sequestration.