H.R. 699: Stop the Sequester Job Loss Now Act

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H.R. 699: Stop the Sequester Job Loss Now Act

113th Congress · introduced 2013-02-14 · Economics and Public Finance · Latest: Referred to the Subcommittee on General Farm Commodities and Risk Management.

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Official title

Stop the Sequester Job Loss Now Act

Plain summary

Stop the Sequester Job Loss Now Act - Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to repeal the FY2013 sequester and reduce the FY2014 sequester. Eliminates the 2% maximum permissible reduction in budget authority for veterans' medical care. Extends through FY2014 agricultural commodity programs generally under the Food, Conservation, and Energy Act of 2008, but not the direct payment programs for wheat, corn, grain sorghum, barley, oats, upland cotton, long and medium grain rice, soybeans, other oilseeds, and peanuts. Amends the Internal Revenue Code, with respect to deductions from income, to set a special rule that a major integrated oil company's domestic production gross receipts shall not include any gross receipts from the production, refining, processing, transportation, or distribution of oil, natural gas, or any of their primary products. Prohibits a major integrated oil company from using the last-in, first-out (LIFO) accounting method in inventorying goods. Prescribes a special rule to limit the foreign tax credit and tax deferrals for amounts paid or accrued by a major integrated oil company that is a dual capacity taxpayer (a person subject to a levy of a foreign country or U.S. possession and receives, or will receive, directly or indirectly a specific economic benefit from such county or possession). Requires an individual taxpayer whose adjusted gross income exceeds $1 million to pay a minimum (fair share) tax rate of 30% of the excess of the taxpayer's adjusted gross income over the taxpayer's modified charitable contribution deduction for the taxable year. Declares that it is the sense of the House that Congress should replace the entire 10-year sequester established by the Budget Control Act of 2011 with a balanced approach that would: (1) increase revenues without increasing the tax burden on middle-income Americans; and (2) decrease long-term spending while maintaining the Medicare guarantee, protecting Social Security and a strong social safety net, and making strategic investments in education, science, research, and critical infrastructure necessary to compete in the global economy.

Congressional Research Service summary (Introduced in House), quoted unchanged (nonpartisan). Read the source.

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Alternatives

Needs sources: no published alternatives yet (for example a different bill, a law instead of an amendment, or keeping current law). We only show items backed by a published source. Suggest one.

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Officials and money

Sponsor: Rep. Van Hollen, Chris [D-MD-8] · 20 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Steny H. Hoyer (D-MD), Rosa L. DeLauro (D-CT), Mark Pocan (D-WI), Kathy Castor (D-FL), Jared Huffman (D-CA), William R. Keating (D-MA), Gwen Moore (D-WI), Henry C. "Hank" Johnson, Jr. (D-GA)

Sponsor's campaign money: Rep. Van Hollen, Chris [D-MD-8] reported raising $2.5 million (2025–2026). Details. Shown for context only; it does not mean any donor supported this bill.

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Sources

• Congressional Research Service summary (Introduced in House)
• Congress.gov
• Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-113hr699.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/113/hr>

Record fed-us-cong113-hr699 · catalog fed-us-congress-bills-cong113 · updated 2026-11-15 by psicol fed-bills-cong113