1. Short title This Act may be cited as the Deal with the Debt Today Act . 2. Sequestrations to offset disaster and emergency spending for which an adjustment is made (a) Offsetting disaster and emergency spending The Balanced Budget and Emergency Deficit Control Act of 1985 ( 2 U.S.C. 900 et seq.) is amended by inserting after section 253 the following: 253A. Establishing a disaster and emergency spending financial offset program (a) Definitions In this section: (1) Disaster and emergency spending The term disaster and emergency spending means funding for any fiscal year as described in section 251(b)(2)(A) and section 251(b)(2)(D). (2) Excess disaster and emergency spending The term excess disaster and emergency spending means any such spending for which an adjustment is made under the sections referred to in paragraph (1) for any fiscal year. (3) Base fiscal year The term base fiscal year means any fiscal year in which there is excess disaster and emergency spending. (b) Sequestration (1) In general (A) Excess disaster and emergency spending Within 15 calendar days after Congress adjourns to end a session there shall be a sequestration to eliminate any excess disaster and emergency spending as set forth in subparagraph (B). (B) Amounts to be sequestered The sequestration resulting from the fiscal year described in subparagraph (A) shall be governed by the following schedule: (i) For the third fiscal year beginning after a base fiscal year, 5 percent of the total excess disaster and emergency spending occurring in that base fiscal year. (ii) For the fourth fiscal year beginning after a base fiscal year, 7.5 percent of the total excess disaster and emergency spending occurring in that base fiscal year. (iii) For the fifth fiscal year beginning after a base fiscal year, 10 percent of the total excess disaster and emergency spending occurring in that base fiscal year. (iv) For the sixth fiscal year beginning after a base fiscal year, 12.5 percent of the total excess disaster and emergency spending occurring in