Perhaps. But keep in the mind the context: "nobody’s listening to the content of people’s phone calls"
The president spells out a specific concern that people are saying out loud. Is it "discounting" to disprove a specific concern by accurately characterizing the activity as something other than "listening to the content of people’s phone calls"? That he so happens to use "metadata" does not make his argument wrong or misleading. What word should he use?