Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to eliminate automatic sequestrations for FY2013.
(The Gramm-Rudman-Hollings Act was amended by the Budget Control Act of 2011 to revise the discretionary spending limits and reduce the discretionary appropriations and direct spending specified in the Gramm-Rudman-Hollings Act unless a joint committee bill achieving an amount greater than $1.2 trillion in deficit reduction is enacted by January 15, 2012.)
Prohibits the President from issuing a sequestration order to carry out any sequestration that the Director of the Office of Management and Budget (OMB) estimates is required for FY2013.