The process that was put in place by the BudgetControl Act that created the super committee that created the sequestration remains in place, minus the super committee.
One of the reasons why we have the fiscal situation that led to the super committee and the BudgetControl Act and the negotiations last year is because those two tax cuts were promoted by the previous President, passed through Congress and signed into law, and were totally unpaid for.
Meanwhile, a special congressional committee established by the recently enacted BudgetControl Act began gearing up to recommend budget cuts that could destroy a million jobs jobs tied to the current level of defense spending.