Republican Sen. Kelly Ayotte of New Hampshire and Rep. Buck McKeon of California yesterday announced they will re-introduce the “Down Payment to Protect National Security Act of 2013″ to try to avert the $1.2 trillion sequester cuts scheduled to take effect on March 1st.

The GOP’ plan would offset the $85 billion in sequester cuts for this fiscal year (ending in September) by imposing a pay freeze on members of Congress and reducing the federal workforce by about 10% through attrition.

According to Ayotte, federal agencies will be able to hire only 1 person for every 3 who leave. However, the limitations on hiring could be “waived for national security concern or extraordinary emergency.”

“We’re putting forward a bill that will give us some breathing room on the sequestration – that pays for all the sequestration for the rest of this year – 7 months,” said McKeon, who serves as Chairman of the House Armed Services Committee. “It gives us time to think about it – pays for it by having a reduction in the federal workforce over the next 10 years through attrition. So it’s as painless as possible to protect our troops.”

Learn More:

• Ayotte.Senate.gov: Ayotte reintroduces bill to replace additional defense cuts with alternative savings
• WhatTheFolly.com: Overview of President Barack Obama’s plan to avert sequestration
• WhatTheFolly.com: Transcript: GOP Rep. Buck McKeon calls Obama’s sequestration plan “irresponsible”
• WhatTheFolly.com: Transcript: GOP Sen. James Inhofe says Obama’s plan to avert sequestration is a “non-starter”
• WhatTheFolly.com: Transcript: GOP Sen. Kelly Ayotte says Obama shouldn’t use defense sequestration cuts as a “bargaining chip”
• WhatTheFolly.com: Transcript: GOP Sen. John McCain stresses “this is the wrong time for sequestration to take place”
• WhatTheFolly.com: Transcript: GOP Sen. Lindsey Graham says “Iran is very supportive of sequestration”
• WhatTheFolly.com: Transcript: GOP Rep. Mac Thornberry says civilian attrition is a good way to save money at the Pentagon
• WhatTheFolly.com: 5 key facts about sequestration
• WhatTheFolly.com: Analysis: Impact of sequestration on non-defense discretionary spending
• WhatTheFolly.com: Sequestration will result in a ‘hollowed out’ military, armed forces chiefs warned