from sqlalchemy import *

metadata = MetaData(create_engine('sqlite://', echo=True))
t1 = Table('t1', metadata, Column('date', DateTime, default=func.now()))

metadata.create_all()

t1.insert().execute()


output:

2008-03-10 10:47:56,002 INFO sqlalchemy.engine.base.Engine.0x..10 PRAGMA table_info("t1")
2008-03-10 10:47:56,002 INFO sqlalchemy.engine.base.Engine.0x..10 {}
2008-03-10 10:47:56,003 INFO sqlalchemy.engine.base.Engine.0x..10 
CREATE TABLE t1 (
	date TIMESTAMP
)


2008-03-10 10:47:56,004 INFO sqlalchemy.engine.base.Engine.0x..10 {}
2008-03-10 10:47:56,004 INFO sqlalchemy.engine.base.Engine.0x..10 COMMIT
2008-03-10 10:47:56,005 INFO sqlalchemy.engine.base.Engine.0x..10 INSERT INTO t1 (date) VALUES (CURRENT_TIMESTAMP)
2008-03-10 10:47:56,005 INFO sqlalchemy.engine.base.Engine.0x..10 []
2008-03-10 10:47:56,006 INFO sqlalchemy.engine.base.Engine.0x..10 COMMIT