Well, here's what the president actually said:
When it comes to telephone calls, nobody is listening to your telephone calls. That’s not what this program’s about. As was indicated, what the intelligence community is doing is looking at phone numbers and durations of calls. They are not looking at people’s names, and they’re not looking at content. But by sifting through this so-called metadata, they may identify potential leads with respect to folks who might engage in terrorism. If these folks — if the intelligence community then actually wants to listen to a phone call, they’ve got to go back to a federal judge, just like they would in a criminal investigation. So I want to be very clear. Some of the hype that we’ve been hearing over the last day or so — nobody’s listening to the content of people’s phone calls.
http://blogs.wsj.com/washwire/2013/06/07/transcript-what-oba...
He didn't make the "it's legal because it's only metadata" argument. He did claim that the program is legal, and that it is overseen by Congress and a secret court.
Maybe it's just a matter of opinion, but I'm very comfortable characterizing this reply as "discounting because it's just metadata."
I'm unhappy about this, and I voted for the guy twice.