the Budget Control Act of 2011. Sequestration (automatic cuts) were included as "incentive" to get to a comprehensive budget deal.
A committee was formed (6 Dems / 6 Repubs) to make a budget recommendation for an up or down vote of both houses. No super majority, filibuster maneuvering, etc. It failed to come to agreement and was disbanded.
More on sequestration here:
The sequester, explained Washington Post
http://www.washingtonpost.com/blogs/ezra-klein/wp/2012/09/14/the-sequester-explained/
On House and Senate make up, my take: We may pick up a few seats in the House, but no majority. And the buzz is the Repub make up will be even more extremist than it is now. We will maintain our Senate majority, which is our firewall (along with a Presidential veto if needed) to Repub extremism.
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