What Is The Sequester? Sequestration Explained In Two Minutes

The sequester is what everyone, at least in Washington, seems to be talking about. But what is sequestration exactly? Set to begin March 1 at 11:59 p.m., the sequester is a set of automatic spending cuts put into law by the Budget Control Act. Signed by President Barack Obama in August 2011, that legislation raised the debt ceiling and sought to apply pressure on Congress to come up with a longer term plan for deficit reduction.