Here’s what the Senate and House will be voting on ASAP; the Senate possibly around 2, the House later.
Here’s the trigger that’s got everyone, finally, sort of satisfied.
On January 2, 2013, for fiscal year 2013, and in its sequestration preview report for fiscal years 2014 through 2021 pursuant to section 254(c), OMB shall allocate half of the total reduction calculated pursuant to paragraph for that year to discretionary appropriations and direct spending accounts within function 050 (defense function) and half to accounts in all other functions (nondefense functions).
The last Republican victory is that the defense cuts don’t need to come entirely from defense. They can hit foreign aid and Homeland Security funding, too.