Final answer:
The president meant deciding what would be funded and what would be cut from the federal budget.
Step-by-step explanation:
When the president mentioned having to face 'very difficult choices' when creating a federal budget, he was referring to the decision-making process of determining what would be funded and what would be cut from the budget. This involves making tough decisions about allocating resources and prioritizing spending. It is a complex process that requires considering various factors, such as national priorities, economic conditions, and political considerations.
Learn more about Federal budget decision-making