Well i think Obama's positions/conditions are definitely a political CYA, but i totally understand why he would do it.
One, while advantageous not to have this be front and center during the campaign, it's equally advantageous for everyone that we don't go through this same dog and pony show (by both parties) again in 6 months. I don't most Americans want to watch this spectacle again any time soon. Nor does Moody's, Wall Street, the Chamber of Commerce, etc.
Two, putting deep cuts off is a CYA effort by Obama to not have the economy go in the dump next year due to said deep cuts. Guess who will get blamed for a double dip or worse? Good luckhaving to explain that the spending cuts are what caused it in the Fall of 2012. He signed on the dotted line, just like the GOP, but he is the President. He would take more of the blame, especially with 3 to 4 GOP candidates harping on it as nauseum every day next year.
While many would agree that the spending cuts is an overall long term good thing for our economic well being, in the short term they could be very painful. I don't see a lot of job creating occurring because we cut trillions of dollars in spending. Obama is looking to not have the pain occur in 2012, as he is up for re-election. Would be like a self inflicted gunshot, and the GOP handed him the gun.
excuse the violent metaphor.