(This measure has not been amended since it was introduced. The summary of that version is repeated here.)
Sequester Replacement Act of 2012 - Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to remove veterans medical care from the accounts subject to a sequester.
Abolishes the distinction between security and nonsecurity categories of discretionary spending for new budget authority in FY2013. Combines the dollar amounts of the current categories ($686 billion for the security category and $361 billion for the nonsecurity category) into a single amount of $1.047 trillion in new budget authority.
Revises sequestration requirements for FY2013 to require a $19.104 billion across-the-board decrease in the discretionary spending category as of January 2, 2013.
Directs the Office of Management and Budget (OMB) to issue a supplemental sequestration report for FY2013 to eliminate any discretionary spending breach of the $1.047 trillion spending limit, as adjusted by the $19.104 billion across-the-board reduction requirement of this Act. Directs the President to order a sequestration, if any, as required by such report.
Amends the Congressional Budget Act of 1974 to authorize the chair of the Committee on the Budget of the House of Representatives or the Senate to make adjustments to any legislative measure to conform to the discretionary spending limits of this Act.
Nullifies any sequestration order the President may issue under the Gramm-Rudman-Hollings Act to carry out reductions to direct spending for the FY2013 defense function (050).