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.

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.