On the date specified in paragraph (4) during each applicable year, OMB shall prepare and the President shall order a sequestration, effective upon issuance, of nonexempt direct spending to achieve the direct spending reduction calculated pursuant to paragraphs (5) and (6). When implementing the sequestration of direct spending pursuant to this paragraph, OMB shall follow the procedures specified in section
of this title, the exemptions specified in section
of this title, and the special rules specified in section
of this title, except that the percentage reduction for the Medicare programs specified in section
of this title shall not be more than 2 percent for a fiscal year.