The president just said that (see subject line) in his Arizona speech. And this is from a White House fact sheet that just went out:

As Part Of Comprehensive Immigration Reform, The President Has Proposed The Creation Of A New Temporary Worker Program. To match foreign workers with American employers for jobs that no American is willing to take, temporary workers will be able to register for legal status for a fixed time period and then be required to return home. This plan meets the needs of a growing economy, allows honest workers to provide for their families while respecting the law, and relieves pressure on the border. By reducing the flow of illegal immigrants, law enforcement can focus on those who mean this country harm. To improve worksite enforcement, the plan creates tamper-proof I.D. cards for every legal temporary worker.
Ø A Temporary Worker Program Would Not Provide Amnesty. The program does not create an automatic path to citizenship or provide amnesty. The President opposes amnesty because rewarding those who break the law would encourage more illegal entrants and increase pressure on the border. A Temporary Worker Program, by contrast, would promote legal immigration and decrease pressure on the border. The President supports increasing the annual number of green cards, but for the sake of justice and security, the President will not sign an immigration bill that includes amnesty.

The details there do sorta put a damper on some of his other points (again, from the fact sheet):

First, The U.S. Will Return Every Illegal Entrant Caught Crossing The Southwest Border – With No Exceptions. ….The Federal Government Will Act To Stop People From Illegally Crossing The Border In The First Place.