03/03/2011 03:02 pm ET Updated May 25, 2011

Obama Addresses NFL Labor Dispute

President Barack Obama weighed in on the NFL lockout situation on Thursday, the last day before the current collective bargaining agreement expires.

According to the Associated Press, Obama "expects" and "hopes" that the two sides will settle the labor dispute.

He also said that he will not get involved in the negotiations.

The president insisted that the two parties should be able to work out a deal. "You've got owners, most of whom are worth close to a billion dollars. You've got players who are making millions of dollars," Obama reportedly said. "People are having to cut back, compromise and worry about making mortgage [payments]. The two parties should be able to work it out without the President of the United States intervening."

Jim Trotter of Sports Illustrated reported on Thursday that the owners and union are discussing extending the negotiating deadline "by a week or two."