Providing for a plan to alleviate the effects of sequestration.

must meet its constitutional obligation to provide for the common defense of the United States by restoring cuts mandated by sequestration;

acknowledges and reaffirms that providing for the common defense of the United States is a shared duty, which eclipses partisanship and party affiliation;

will have as its first legislative priority the enactment of legislation which restores no less than 75 percent of the pre-sequester levels established by the Budget Control Act of 2011;

will, simultaneously with the reversal of the cuts, enact legislation which fully offsets the increases in discretionary spending through a combination of reductions to mandatory spending and increases in revenue;

will reform mandatory spending by including in the legislation a Chained Consumer Price Index for Social Security and further means testing for Medicare; and

will increase revenues by including in the legislation the closure of tax loopholes and a cap on deductions for high-income households.