Obama invited the top four congressional leaders -- House Speaker John Boehner, Senate Majority Leader Harry Reid, House Minority Leader Nancy Pelosi and Senate Minority Leader Mitch McConnell -- to the White House for the last minute discussion.
It's the first time the president will meet with Republican leaders about the sequester. By law, the White House must issue an order initiating the cuts some time on March 1, according to ABC News.
"The meeting Friday is an opportunity for us to visit with the President about how we can all keep our commitment to reduce Washington spending," McConnell said in a statement.
The timing of the meeting has raised eyebrows.
"Either someone needs to buy the White House a calendar, or this is just a - belated - farce," a senior Congressional Republican told CNN. "They ought to at least pretend to try."