The New York Times reports:
President Obama plans to return 5 percent of his salary to the Treasury in solidarity with federal workers who are going to be furloughed as part of the budget cutting process known as sequester, an administration official said Wednesday.
The voluntary move would be retroactive to March 1 and apply through the rest of the calendar year, the official said. The White House came up with the 5 percent figure to approximate the level of automatic spending cuts to non-defense federal agencies that took effect that day.
"The salary for the president, as with members of Congress, is set by law and cannot be changed," the official said. "However, the president has decided that to share in the sacrifice being made by public servants across the federal government that are affected by the sequester, he will contribute a portion of his salary back to the Treasury."