Sequestration is the group of automatic budget cuts that go into effect if Congress and the White House are not able to reach a budget deal. It's part of the 2010 Statutory Pay-As-You-Go Act.
What's really funny is Obama railing against the sequester even though it's a Democrat rule signed into law by Obama. The bill passed the Senate 60-40 on strict party lines. It passed the House 233-187, with 233 Democrats and no Republicans voting Aye and 172 Republicans (and 15 Democrats) voting No. Republicans opposed the sequestration, saying it was just an excuse for Democrats to raise taxes. Lo and behold, look at what Obama insists on.
When you think of politicians who want to raise taxes, which party is it that automatically comes to mind?