With all these new faces, it’s hard to keep track of who is in, who is out. And I know it's difficult for you guys as reporters. But I can offer you an easy way of remembering the new team. If Ted Cruz calls somebody a communist, then you know they’re in my cabinet. (Laughter.)

Jack Lew is getting started on his new role as Treasury Secretary. Jack is so low key, he makes Tim Geithner look like Tom Cruise. (Laughter.) Don’t worry, everybody, Jack signed off on that joke or a five year old drew a slinky. (Laughter.) I don't know which. (Applause.)

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Another big change has been at the State Department. Everybody has noticed that obviously. And let’s face it — Hillary is a tough act to follow. But John Kerry is doing great so far. He is doing everything he can to ensure continuity. Frankly, though, I think it’s time for him to stop showing up at work in pantsuits. (Laughter.) It's a disturbing image. (Laughter.) It really is. (Laughter.) I don't know where he buys them. He is a tall guy. (Laughter.)

And even though I’m just beginning my second term, I know that some folks are looking ahead to bigger things. Look, it’s no secret that my Vice President is still ambitious. But let's face it, his age is an issue. Just the other day, I had to take Joe aside and say, “Joe, you are way too young to be the pope." (Laughter.) "You can't do it. You got to mature a little bit." (Laughter.)

Now, I do want to end on a serious note. I know that there are people who get frustrated with the way journalism is practiced these days. And sometimes those people are me. (Laughter.) But the truth is our country needs you and our democracy needs you.

In an age when all it takes to attract attention is a Twitter handle and some followers, it’s easier than ever to get it wrong. But it’s more important than ever to get it right. And I am grateful for all the journalists who do one of the toughest jobs there is with integrity and insight and dedication — and a sense of purpose — that goes beyond a business model or a news cycle.

This year alone, reporters have exposed corruption here at home and around the world. They’ve risked everything to bring us stories from places like Syria and Kenya, stories that need to be told. And they’ve helped people understand the ways in which we’re all connected — how something that happens or doesn’t happen halfway around the world or here in Washington can have consequences for American families.

These are extraordinary times. The stakes are high and the tensions can sometimes be high as well. But while we'll always have disagreements, I believe that we share the belief that a free press — a press that questions us, that holds us accountable, that sometimes gets under our skin — is absolutely an essential part of our democracy.

So I want to thank everybody for not just a wonderful evening — and, Chuck, I want to thank you for your outstanding presidency — but I also just want to thank you for the work that you do each and every day. And in the words of one of my favorite Star Trek characters — Captain James T. Kirk of the USS Enterprise — “May the force be with you." (Laughter and applause.)

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10:19 P.M. EST