Obama Kills at White House Correspondents' Dinner

President Obama brought down the house with one of the edgiest comedy performances any president has delivered at the annual White House Correspondents' Dinner. (Watch the full video and read the transcript)

Obama drew guffaws from the crowd of media bigwigs and celebrities as he delivered a series of zingers poking fun at himself and members of his administration, while taking particular delight in skewering Republicans. The highlights:

On RNC Chairman Michael Steele and his penchant for slang: "Michael Steele is in the house tonight. Or as he would say, 'In the heezy.' Wassup? Michael, for the last time, the Republican Party does not qualify for a bailout. Rush Limbaugh does not count as a troubled asset, I'm sorry."

On Chief of Staff Rahm Emanuel and Mother's Day: "This is a tough holiday for Rahm. He's not used to saying the word 'day' after 'mother.'"

On his relationship with Hillary Clinton: "These days, we could not be closer. In fact, the minute she got back from Mexico, she pulled me into a hug and said I should go down there myself."

On the news media: "Most of you covered me. All of you voted for me. Apologies to the Fox table."

On Dick Cheney: "Dick Cheney was supposed to be here, but he is very busy working on his memoirs, tentatively titled, 'How to Shoot Friends and Interrogate People.'"

On House Minority Leader John Boehner and his fake tan: "We have a lot in common: He is a person of color. Although not a color that appears in the natural world."

On his accomplishments: "Good evening, everybody, I would like to welcome you to the 10-day anniversary of my First 100 Days. During the second 100 days, we will design, build and open a library dedicated to my first 100 days. My next 100 days will be so successful, I will complete them in 72 days. And on the 73rd day, I will rest."

On his Teleprompter: "In the next hundred days, I will learn to go off prompter -- and Joe Biden will learn to stay on it."

On Bush's legacy: "I must confess I really did not want to be here tonight. But I knew I had to come. That's one more problem that I inherited from George W. Bush."

On his new loyal friend: "He's warm, he's cuddly, loyal, enthusiastic; you just have to keep him in on a tight leash -- every once in a while he goes charging off and gets himself into trouble. Enough about Joe Biden."

On his daughters: "Sasha and Malia aren't here tonight because they're grounded. You can't just take Air Force One on a joy ride to Manhattan. I don't care whose kids you are."

Watch the full video of Obama's debut as comedian in chief and read the transcript.

Wanda Sykes Goes After Limbaugh, Palin

Obama was followed by tart-tongued comedian Wanda Sykes, the evening's featured entertainer, who gave the most controversial performance since Stephen Colbert mocked President Bush to his face at the 2006 White House Correspondents' Dinner.

Sykes poked gentle fun at Obama while eviscerating Obama's Republican critics, starting with Rush Limbaugh. (Watch the full video)

"He just wants the country to fail," Sykes said of Limbaugh. "To me that's treason. He's not saying anything different than what Osama Bin Laden is saying. You might want to look into this, sir, because I think Rush Limbaugh was the 20th hijacker but he was just so strung out on Oxycontin he missed his flight. ... Rush Limbaugh, I hope the country fails, I hope his kidneys fail, how about that? He needs a good waterboarding, that's what he needs." (Watch the video clip of Sykes' Limbaugh joke and read more about the controversy.)

Sykes also took a shot at Sarah Palin and her daughter, Bristol, an unwed teen mother.

"Gov Palin is not here tonight. She pulled out at the last minute. Somebody should tell her that's not really how you practice abstinence."

The joke drew a mix of laughs and groans, and did not go over well at the Fox News table, where Todd Palin was seated as a guest.

Watch the full video of Sykes's stand-up routine, plus check out highlights from past White House Correspondents' Dinners.

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(Photos by Getty Images)