For the first time this election season, President Barack Obama addressed a potential reelection opponent, using a fundraiser in California to criticize Texas Gov. Rick Perry, albeit not by name.

Obama expressed bewilderment at the state of the Republican party — referring to GOP debate attendees who booed a gay service-member serving in Iraq.

"Some of you here may be folks who actually used to be Republicans but are puzzled by what's happened to that party, are puzzled by what's happening to that party. I mean, has anybody been watching the debates lately? You've got a governor whose state is on fire denying climate change," he said, to applause. "It's true. You've got audiences cheering at the prospect of somebody dying because they don't have health care and booing a service member in Iraq because they're gay."

"That's not reflective of who we are," Mr. Obama said. "This is a choice about the fundamental direction of our country. 2008 was an important direction. 2012 is a more important election."

Quoting Vice President Joe Biden, Obama effectively laid out his reelection strategy, saying "Don't compare me to the almighty, compare me to the alternative.".

According to the pool report, Obama also listed his accomplishments as though a CEO at a shareholders convention.

"I'm back to report to you, my stockholders," he said. Over the past 2.5 years he said he has rescued economy; "decimated" al Qaeda including killing bin Laden; ended don't ask, don't tell; created the consumer protection agency, Lilly Ledbetter; environmental moves like fuel efficiency standards; and by 2013 - "as long as I get a second term" - health care reform will be implemented.

Obama is on a three-day fundraising swing through the West Coast, his remarks coming at an event raising $875,000 for his campaign and the Democratic National Committee.