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Though he did assert that if "we don't act, in 25 years benefits will be slashed 23 percent overnight".
Detroit's pension funds have gone to court in an effort to derail the biggest municipal bankruptcy in US history amid concerns that benefits will be slashed for the city's 20,000 retirees.
Myth: Benefits will be slashed.
But critics say if changes aren't made now, benefits will be slashed by at least 30% in the future.
And on the backs of current workers whose labor contract will be broken and whose pay and benefits will be slashed.
While the agreement forged between Congress and the White House does not include specific cuts, many suspect that retirement and health benefits will be slashed in addition to pay and hiring freezes.
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Aid for the poor will be slashed but benefits for the old preserved.
If Congress doesn't act in the next 12 days, a $1,500 middle-class tax hike will kick in, some unemployment benefits will run out and doctors' Medicare reimbursement rates will be slashed.
Transfers to local government will be slashed.
Ministers' pay will be slashed by 15%.
Budgets will be slashed; roads and schools will languish unrepaired.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com