WASHINGTON — President Obama announced Monday that he wants to freeze pay for federal employees for the next two years, a move his team says would save more than $5 billion through 2012.

"The hard truth is, getting this budget under control is going to require some broad sacrifice, and that sacrifice must be shared by employees of the federal government," the president said. "After all, small businesses and families are tightening their belts…. Their government should, too."