Does Sequester mean budget cut here?

Nobody's answering, so I'll give it a shot.
Context:
Sequestration is the indiscriminate federal budget cuts that come to around $1.2 trillion dollars over the next decade, which was thought up in the wake of the nation's increasing debt. This was agreement between the congress and the white house in 2011. The cuts are split evenly between defense and domestic discretionary spending. The concept of the sequestration cuts along with the super committee was set in place at the debt ceiling negotiations in 2011. The super committee is made up of six member of house and six member of senate, evenly divided by democrats and republicans. The deal was that the group would negotiate budget cuts with the incentive being that should they fail, the indiscriminate sequester cuts would come into play and effect almost all of the government agencies. The idea behind this plan was that everyone would find a common ground as to what they could cut, but unfortunately, that was not the case.
This sequestration cut was originally decided to start the beginning of the year but the dead line was pushed back, so the law that sets up the sequester to cut ~ $1.2 trillion in spending cuts over 10 years begins on March 1, this Friday.

So, sequester in the political and budget sense means activating automatic spending cuts or literally setting aside money instead of spending it on anything else. In the given context at hand, it is an automatic budget cut, but more specifically, it is an automatic defense and domestic cuts.

Excellent!

The answer gives me an impression that sequester has as a fashion term substituted for sequestration as a noun.