Bret Baier - Fox News Special Report - Michael Ramirez's Sequestration and Budget Pie Charts

What happens when the clock strikes midnight on March 1, 2013?

• If March 1 arrives without any replacement legislation, as many anticipate, sequestration will begin with an order from President Obama on Friday.
• Under budget law, the president has until 11:59 p.m. that day to issue an order to begin the $85 billion in cuts from the fiscal 2013 budgets of federal agencies.
• The law requires the Office of Management and Budget to transmit a report to Congress at the same time detailing the reductions in each budgetary account.
• The Congressional Budget Office estimated earlier this month that sequestration would reduce defense spending by 7.9 percent and domestic spending by 4.6 percent over the year. The actual calculations are made by OMB and have not been released to the public.
• OMB will have to reapportion federal funding after sequestration, reconfiguring what departments and agencies are allowed to spend under the reductions.

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