Story highlights President Barack Obama was interviewed on "The Colbert Report" Monday

The President made jokes about Obamacare as well as Republicans

Stephen Colbert will take over "The Late Show" on CBS in two weeks

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."

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