Sequester Replacement Act of 2012

[AI summary unavailable — showing source text] Sequester Replacement Act of 2012 - Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to remove veterans medical care from the accounts subject to a sequester. Abolishes the distinction between security and nonsecurity categories of discretionary spending for new budget authority in FY2013. Combines the dollar amounts of the current categories ($686 billion for the security category and $361 billion for the nonsecurity category) into a single amount of $1.047 trillion in new budget authority. Revises sequestration requirements for FY2013 to require a $19.104 billion across-the-board decrease in the discretionary spending category as of January 2, 2013. Directs the Office of Management and Budget (OMB) to issue a supplemental sequestration report for FY2013 to eliminate any discretionary spending breach of the $1.047 trillion spending limit, as adjusted by the $19.104 billion across-the-board reduction requirement of this Act. Directs the President to order a sequestration, if any, as required by such report. Amends the Congressional Budget Act of 1974 to authorize the chair of the Committee on the Budget of the House of Representatives…