Washington ( CNN ) Barack Obama may be the President of the United States , but for a few minutes on Monday , he was also Stephen Colbert , outgoing host of `` The Colbert Report . '' Obama sat down for an interview with Colbert in Washington -- his third appearance on the show -- and surprised the host by taking over the taping for a segment . `` You 've been taking a lot of shots at my job , I 've decided to take a shot at yours , '' Obama said before taking over for Colbert on `` The Word , '' a segment where Colbert ( in this case , Obama ) says a line or two before a witty word or phrases flashes to the right . `` How hard can this be ? I am just going to say whatever you were about to say . '' From there , Obama launched into a monologue about Obamacare , congressional Republicans and his last two years in office . `` Nation , '' Obama said , referring to his audience like Colbert does . `` As you know , I , Stephen Colbert , have never cared for our President . That guy is so arrogant . I bet he talks about himself in the third person . '' After talking about Obamacare , the President asked , `` How do you stop something that more and more people are starting to like ? '' Next to Obama flashed `` Move it to CBS , '' a nod to the fact that in two weeks Colbert will be stepping down from his Comedy Central show to take over for David Letterman at the `` The Late Show '' on CBS . The President went on to detail how Republicans could stop Obamacare . `` They could pass a bill repealing Obamacare . But the President still has the veto and if I know that guy , he is willing to use it , '' Obama said . `` And let 's face it , even if Republicans somehow did repeal it , they would have to replace it with their own health care plan . Once they touch it , they own it , and then if anything goes wrong , suddenly everybody will be complaining about Mitch McConnell-care . '' `` Walk It Off.gov '' then flashed next to the President . Near the close of the segment , Obama joked , noting that last year 's Obamacare rollout was `` a little bumpy . '' `` I think that is where Disney got the idea for Frozen , '' the President said to laughs . Obama stayed in character for the end of the segment , too . `` We will be right back with the leader of the free world , '' the President said , looking at his page like he could n't remember his own name before adding , `` Barack Obama . '' Following a break , Obama and Colbert sat down for a somewhat more traditional interview , where the President defended his decision to issue an executive action on immigration reform and the recent positive jobs report . `` The economy is growing at a faster rate than it has for years , '' Colbert said . `` Why did n't you fix the economy before the midterm elections ? I would have done it before the midterms so people were happy when they voted . '' `` Actually , the economy has been on a pretty good run , '' Obama said , before listing a number of economic indicators about job creation and growth that his White House regularly pushes . `` I 'll give it to you . You 've employed a lot of people , mostly as secretary of defense , '' Colbert said , a crack at the fact that Obama recently parted ways with his third , Chuck Hagel , and nominated his fourth , Ash Carter . On immigration , Obama said his decision to issue an executive order is `` scrupulously within the law '' and something that both Democratic and Republican presidents have done . `` You realize you are an emperor now . It has been declared , '' Colbert joked , referring to an attack some Republicans used against the President during his immigration decision . `` You are Barackus Maxamus the First . '' Obama seemed to enjoy his time behind `` The Colbert Report '' desk , too . `` I will say , I felt more powerful behind that desk , '' Obama said . Colbert responded with a self-deprecating joke : `` With great power comes medium cable ratings . ''
President Stephen Colbert was interviewed on ` ` The Colbert Report '' Monday . The President made jokes about Barack Obama as well as Republicans . Barack Obama will take over ` The Colbert Report '' on CBS in Monday .