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V. SEQUESTRATION PROCESS: AUTOMATIC SPENDING REDUCTIONS <br /> A. TAKES EFFECT UPON FAILURE OF REVISED CONGRESSIONAL BUDGET PROCESS <br /> B. "SNAPSHOT" OF FEDERAL BUDGET SITUATION <br /> 1. TAKEN ON AUGUST 15 <br /> 2. CEO AND OMB ESTIMATE DEFICIT FOR UPCOMING FISCAL YEAR WITH A NOT-TO-EXCEED <br /> LIMIT OF $10 BILLION <br /> 3. VERIFIED BY GAO AND SENT TO PRESIDENT AND CONGRESS BY AUGUST 25 <br /> 4. IF IT EXCEEDS $10 BILLION PRESIDENT MUST ISSUE EMERGENCY SEQUESTRATION ORDER <br /> a. ORDER ISSUED ON SEPTEMBER 1 <br /> b. TAKES EFFECT ON OCTOBER 15 <br /> c. ORDER AUTOMATICALLY REDUCES SPENDING IN ALL FEDERAL PROGRAMS - <br /> WITH CERTAIN EXCEPTIONS <br />