Barack Obama actually said...

"All told, by the end of my first term, we will cut the deficit in half. Over the next decade, we'll bring non-defense discretionary spending to its lowest level as a share of Gross Domestic Product si..."

"Some of the cuts we're putting forward today are more painful than others. Some are larger than others. In fact, a few of the programs we eliminate will produce less than one million dollars in saving..."

"But the point to remember is that there are consequences for this kind of spending."

"I am hopeful that the meetings that we've had so far and the meetings that we expect to have throughout the course of this year will be of mutual benefit to both countries."