Barack Obama actually said...

The deal includes an automatic sequester on certain spending programs to ensure that at least $1.2 trillion in deficit reduction is achieved...

We need to reach a compromise by Tuesday so that our country will have the ability to pay its bills on time.

The full faith and credit of the United States be preserved.

Today I'd like to speak with you about the ongoing and urgent efforts to avoid a first-ever default and get our fiscal house in order.