Congressman Doug Lamborn (CO-05) today voted with an overwhelming bipartisan majority in the House (414-2) to pass a bill requiring President Obama to put forward a plan explaining what his Administration will cut from the military budget as part of the across-the-board defense cuts set to kick in next January. The cuts could result in the loss of 2 million jobs nationwide, and an estimated 17,000 jobs in Colorado.*

Today the House of Representatives passed HR 5872,The Sequestration Transparency Act, which would force the Obama Administration to provide details concerning how the sequester would impact each spending category and program. Despite numerous requests for this information the administration has refused to be transparent with Congress or the public regarding implementation of the sequester.

"As he travels around the country, President Obama better have a big bag of pink slips with him, because he is the one pushing for these defense cuts that economists say will result in massive job losses. President Obama has threatened to veto the House bill passed earlier this year to put a stop to these cuts. They will not only devastate millions of families already struggling to make ends meet, they will weaken our armed forces and put our national security at risk." -- Doug Lamborn (CO-05)

Background

• August 2011 - President Obama signs The Budget Control Act into law creating the "sequestration" or across-the-board cuts to defense spending. Congressman Lamborn voted AGAINST The Budget Control Act.
• December 2011 –Congressman Lamborn cosponsors HR 3662, The Down Payment to Protect National Security Act, which replaces the deficit reduction from the sequester with savings from the reductions in the federal workforce.

·         May 2012 – The House of Representatives passes HR 5652, The Sequester Replacement Reconciliation Act, which replaces the deficit reduction from a “sequester” of discretionary spending, scheduled to occur on January 2, 2013, through reforms in mandatory spending. Congressman Lamborn votes in favor of the commonsense plan.

Future

• November 1, 2012– Major defense contractors are expected to announce thousands of layoffs. By law contractors must inform the government 60 days before they intend to lay off employees. Many defense companies have indicated they may be forced to begin issuing pink slips if the sequester is not stopped.

·         January, 2 2013 -$110 billion sequester is implemented.

*According to a George Mason University Study published by Stephen S. Fuller, Ph. D., “as currently formulated, the automatic spending cuts affecting DOD and non-DOD agencies’ discretionary spending authorities beginning January 2, 2013 will: reduce the nation’s GDP by $215 billion; decrease personal earning of the workforce by $109.4 billion; and, cost the U.S. economy 2.14 million jobs.

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