WASHINGTON -- President Barack Obama said Monday that there has been progress in budget talks to find spending cuts to accompany legislation allowing the government to continue to borrow to finance its operations and avoid defaulting on U.S. bonds.

The president also said in an interview with NBC's "Today" that he's "absolutely confident" that a budget agreement can be achieved in talks led by Vice President Joe Biden and that an agreement won't require radical change if "everybody makes some sacrifices."