"I think folks are sacrificing left and right," Mr. Obama said, adding that, "across the board people are making adjustments large and small to accommodate the fact that we're in very difficult times right now."
He used the example of workers taking a day of work unpaid to ensure that their colleagues are not laid off.
He argued that much of the sacrifice will come from Washington, which will be forced to make some "tough budgetary choices."
"Some of the decisions that we're having to make are going to be tough decisions, and we're going to need the support of the American people," he said. "And that's part of why what I've tried to do is to be out front as much as possible explaining in very clear terms exactly what we're doing."
Mr. Obama said that his budget takes steps to stabilize the economy and create a stronger foundation for the country to rebuild.
"What we can't do, though, is sacrifice long-term growth, investments that are critical to the future, and that's why my budget focuses on health care, energy, education, the kinds of things that can build a foundation for long-term economic growth, as opposed to the fleeting prosperity that we've seen over the last several years," he said.
The president did argue that recipients of taxpayer money are already being faced with financial and legislative sacrifices.
"It's not true that we have not asked sacrifice from people who are getting taxpayer money," Mr. Obama said. "We have imposed some very stiff conditions. Moving forward, anybody -- any bank, for example -- that is receiving capital from the taxpayers is going to have to have some very strict conditions in terms of how it pays out its executives, how it pays out dividends, how it's reporting its lending practices."
Watch President Obama Talk About Sacrifice Below:
Full Coverage Of Obama's Press Conference: