Washington, DC—President Barak Obama admitted during a press conference today that the recent rumors are true: the Obama Administration has fallen behind on its mortgage payments. However, the President is adamantly denying claims he and his family will be forced to move out of the White House and into the audio visual room at the Library of Congress.

When asked how this happened, Obama did not blame his own economic team, but instead pointed the finger at his predecessor. “You would think this bitch would have been paid off centuries ago, but old W did some kind of reverse mortgage thing that botched everything up,” said Obama.

Rush Limbaugh immediately defended our former President. “Obama can’t blame Bush on this one. He has been in that house for three years. This is his mortgage and he needs to take responsibility for his own financial failings.”

Ironically, Obama does not qualify for any of his own mortgage relief programs. “They suggested I fall behind another couple of payments before even applying,” said Obama. “Who dreamt this shit up?”

When asked if he planned to move his family into the Jefferson Memorial, Obama said, “Too drafty. There are some good rates over at the Watergate Hotel in Foggy Bottom, but I could just see the headlines now.”