President Barack Obama took the podium on Friday to discuss the looming sequester, which could potentially cut $85 billion in federal spending, immediately impacting defense-related jobs, some housing programs and other parts of the federal budget.

While no deal has been made between Congress to avoid sequestration, Obama noted it's important to understand that not everyone will feel the same pain of the budget cuts, but "the pain will be real."

Economists estimated that the longer the cuts remain in tact, the more likely the economy will see growth cut by half of 1% and potentially cut jobs by 750,000 positions. 

So far, Congress has cut $2.5 trillion of the deficit. However, many members of Congress have called for an addition $1.5 trillion of cuts. 

"I'm prepared to take on the problem where it exists and do something that my own party doesn't like as long as it's apart of sensible deficit reduction," Obama said. 

He added, "I am prepared to do hard things and to push my Democratic friends to do hard things, but what I can't do is ask middle-class families, seniors and students to bare the entire burden of deficit reduction."

Additionally, Obama called for "smart-spending cuts" and "tax reform" to make the cuts more fair.

Regardless if Congress comes to a compromise, both Obama and Congress must resolve the automatic spending cuts, totaling $1.2 trillion mandated by the sequestration law.