Speaking at his regular press conference today, Cameron outlined the ways in which the Conservatives would solve "Labour's Debt Crisis". He said it was important for organisations to be seen to be spending public money carefully.
He said: "I think [freezing the licence fee] would be an important signal to the country of the need for all public institutions, in these difficult economic circumstances, to do more with less."
The price of the licence fee, which is currently £139.50, was agreed by the government in 2006 with inflationary increases accounted for until 2012.
Under the plan, the fee rose by 3% in 2007 with annual 2% increases over the next three years, bringing the cost of a licence in 2012 to between £148.05 and £151.
The BBC wanted the increase to be considerably higher, nearing £180 by 2012.
Cameron said: "The BBC is one of our most important national institutions. It plays a vital role in bringing the country together, and I want to see it prosper and succeed and continue to be a fantastic cultural asset for Britain.
"But it also needs to maintain public support, and I want to see it leading by example at a time when the whole country is tightening its belt."
The BBC Trust responded to Cameron's speech by saying that such unplanned funding cuts could put services at risk and would not be in the interests of licence fee payers.
"Like David Cameron, we agree that a stable BBC and one that is funded by a licence fee is critical to the future of Britain's creative industries, and to delivering world-class public service broadcasting to the British public. The BBC must live within its means, but unplanned reductions in the licence fee could put services at risk which would not be in the interests of licence fee payers," the BBC Trust said in a statement.
It added that funding stability is important to the BBC's creative and editorial independence, which it acknowledged was a unique privilege that comes with a responsibility to deliver high quality programmes and services.
The BBC Trust also took the opportunity to point out the value for money it offers, in costing every licence fee payer only 39p a day, and the licence fee's role in partly funding the digital switchover programme. This includes help and support for the most vulnerable in society in making the transition to digital television.
"The BBC is committed to delivering more for less, and has been set tough efficiency targets by the BBC Trust that it must achieve over the licence fee settlement. These amount to 15% by 2012/2013, equalling £1.9bn over the period, and will be achieved without jeopardising the programmes and services that audiences love."