Obama said that while the US supports Israel's right to defend itself, "the United States and our friends and allies are deeply concerned about the risks of further escalation and the loss of more innocent life."
Israeli troops launched an offensive on the Gaza periphery aimed at destroying Hamas's network of cross-border tunnels on the 11th day of an assault in which 274 Palestinians, including many children, have been killed.
"Although we support military efforts by the Israelis to make sure that rockets are not being fired into their territory, we also have said that our understanding is the current military ground operations are designed to deal with the tunnels," Obama told reporters.
The US commander-in-chief added that Washington was "hopeful that Israel will continue to approach this process in a way that minimizes civilian casualties."
At least 1,920 Palestinians have also been wounded since the launch of the assault.
Since the Israeli operation began, more than 1,207 rockets fired from Gaza have struck Israel, and another 333 have been shot down by the country's Iron Dome air defense system, Israeli army figures show.
"All of us are working hard to return to the ceasefire that was reached in November of 2012," Obama said.
He added that Secretary of State John Kerry "is working to support Egypt's initiative to pursue that outcome. I told Prime Minister Netanyahu that John is prepared to travel to the region following additional consultations."
'Bibi, I'm so concerned right now, you're just cracking me up!'
US State Department blames Hamas for Israel’s murder of Gaza children [Link]
Bill Clinton: Hamas "forces Israel to kill civilians" [Link]
israeli economy minister - "Hamas is conducting massive self-genocide. They’re taking women and children, placing them next to missile launchers, and shooting the missiles at Israel." [Link]
Israeli Leaflets to Gazans: "Any Moving Body Will Be Struck" [Link]
Video - Sderot Cinema: Israelis watch the 'spectacle' of the bombardment of Gazans [Link]
Israeli Crowd Cheers As Missile Hits Gaza Live On CNN … But CNN reporter think you should not SEE their cheers [Link]
Bombing of Gaza children gives me “orgasm”: Israelis celebrate slaughter on Facebook [Link]
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Expel Palestinians, populate Gaza with Jews, says Knesset deputy speaker [Link]
Cut off power to Gaza dialysis patients, Knesset deputy speaker urges [Link]
Khazars now calling for Palestinians to be starved to death just as they actually did in the Ukrainian Holodomor [Link]