It looks to me like the President has already used the extant state of emergency to quietly enact the provisions of
NSPD-51, in which the
President asserts the authority given him by the Republican Congress of the double-aughts to "coordinate" the actions of Congress--oh yes, George Bush did claim he could do that, and the Republicans in Congress aren't in any damned position to disagree with that now. (Last year, this President quietly extended the state of emergency under which the U.S. has operated since September, 2001, probably exactly so he could pull this little rabbit out of the hat.)
That would explain why the final compromise actually
expanded the President's own plan, while leaving all the proposals of Congress itself on the cutting-room floor.
In what universe would the most evil political party since the goddamned Nazis agree to such a thing? In the one in which they already
built a dictatorship for an irresponsible frat boy who fucked things up so bad he decided to walk away from it, and then handed it off to the exact wrong guy.
As far as this committee goes, it's set up in such a way that the
Democrats can quietly destroy any consensus, ensuring that half a trillion dollars is parted from the Department of Defense without a single Democratic Member of Congress ever having to directly vote for such a thing.
Thus the President appears to have found a way to make difficult defense cuts while shielding Democrats and focusing all of the electoral fallout onto the Republicans.
The unfortunate downside of this is that if I am correct, we are now effectively a dictatorship operating behind the thin veil of democracy.