U.S. Senator Kay Hagan released the following statement after the Office of Management and Budget (OMB) released its sequester report: "Today's report reinforces the need to prevent sequestration and address our fiscal challenges through a targeted, balanced plan. As the report states, …across-the-board cuts like these threaten our long-term national security and economic competitiveness… I continue to work with my colleagues on both sides of the aisle to find a bipartisan, balanced approach that will reduce our debt and deficit without hurting the ability of our military to protect our country." Sequestration, if implemented, would require defense and nondefense agencies to make a total of $984 billion in automatic cuts over nine years ($109 billion per year) according to a report sent to Congress last week by the Office of Management and Budget (OMB). The cuts would be evenly distributed between defense and nondefense functions. OMB prepared the report as required by the Sequestration Transparency Act of 20152 (P.L. 112-155). The report shows estimates of the reductions (by account) that would be made if sequestration goes into effect on January 2, 2013.