Obama Roasts Trump, Clinton at Correspondents' Dinner

Obama literally dropped the mic Saturday night at the White House Correspondents' Dinner. And the presidential hopefuls inspired some of his best comedic material.

The U.S. president took aim at Bernie Sanders, Donald Trump, and Hillary Clinton at the annual event organized by the White House Correspondents' Association, which brings together luminaries from the spheres of politics, media, and entertainment.

"We've got the bright new face of the Democratic Party here tonight, Mr. Bernie Sanders!" Obama said. "Bernie, you look like a million bucks. Or to put it in terms you'll understand, you look like 37,000 donations of $27 each."

Obama also poked fun at Sanders' socialist brand of politics.

"I am a little hurt that you're distancing yourself from me, Bernie. That's not something you do to your comrade, " he quipped.

Clinton also didn't escape Obama's targets. The president took aim at a controversial joke the former Secretary of State participated in with Bill de Blasio about "CP Time," a phrase used in communities of color to describe tardiness.

"I do apologize, I know I was a little late tonight. I was running on CPT--which stands for jokes that white people should not make," he said.

Turning to Donald Trump, Obama had less favorable jokes about the GOP frontrunner's presidential prospects.

"There's one area where Donald's experience could be invaluable, and that's closing Guantanamo. Because Trump knows a thing or two about running waterfront properties into the ground," he said, in reference to the businessman's closed hotels and casinos.

He also took aim at Trump's tenure as owner of the Miss Universe beauty pageant.

"They say Donald lacks the foreign policy experience to be president, but in fairness, he has spent years meeting with leaders from around the world--Miss Sweden, Miss Argentina, Miss Azerbaijan," he said.

Obama even brought Mike Bloomberg, the former mayor of New York who considered throwing his hat in the presidential race, into the joke.

"I see Mike Bloomberg. Mike, a combative, controversial New York billionaire is leading the GOP primary and it's not you. That has to sting a little bit," Obama said. "Although it's not an entirely fair comparison between you and the Donald. After all, Mike was a big city mayor, he knows policy in-depth. And he's actually worth the amount of money that he says he is."

However, Obama also threw in a favorable forecast about Clinton's odds of becoming the next Commander in Chief.

"Next year at this time, someone else will be standing here in this very spot. And it's anyone's guess who she will be," he said.

Watch Obama's full speech below.