To amend the Balanced Budget and Emergency Deficit Control Act of 1985 to provide for a sequestration of all budgetary accounts for fiscal year 1997 (except Social Security, Federal retirement, and interest on the debt) equal to 5 percent of the OMB baseline.

Amends the Balanced Budget and Emergency Deficit Control Act of 1985 to require: (1) a sequestration of five percent of the OMB (Office of Management and Budget) baseline for that fiscal year; and (2) the President to immediately fully implement the sequestration. Exempts benefits under title II (Old Age, Survivors and Disability Insurance) of the Social Security Act, retirement benefits for members of the uniformed services or U.S. officers or employees, and payments for net interest.