President Obama Mocks Donald Trump

 Gilbert Carrasquillo/FilmMagic; Michael Kovac/WireImage; Mark Sullivan/WireImage

That'll get the approval ratings up!

President Barack Obama killed the crowd at Saturday's White House Correspondents' Dinner in Washington, D.C. — flaunting his oratory gifts with a hilarious speech that skewered his potential 2012 election foes and at least one A-lister.

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Obama, 49, conceded that he's disappointed some of his Hollywood supporters — including Matt Damon, who recently complained that the President wasn't doing a good job in the Oval Office.

"I've even let down my key core constituency: movie stars. Just the other day, Matt Damon — I love Matt Damon, love the guy — Matt Damon said he was disappointed in my performance," Obama told the crowd. His retort: "Well, Matt, I just saw The Adjustment Bureau, so…right back atcha, buddy."

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Another celebrity in his cross-hairs: Donald Trump, who's now improbably a contender to run against Obama as a Republican candidate for President in 2012.

With Trump in the audience that night, Obama cracked, "I know that he's taken some flak lately, but no one is happier, no one is prouder to put this birth certificate matter to rest than the Donald." (Trump, 64, has questioned Obama's citizenship.)

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"And that's because he can finally get back to focusing on the issues that matter — like, did we fake the moon landing? What really happened in Roswell? And where are Biggie and Tupac?"

To laughter and applause, Obama then jokingly praised Trump's "credentials and breadth of experience."

"In an episode of Celebrity Apprentice, at the steakhouse, the men's cooking team cooking did not impress the judges from Omaha Steaks. And there was a lot of blame to go around. But you, Mr. Trump, recognized that the real problem was a lack of leadership," Obama said.

"You fired Gary Busey. And these are the kind of decisions that would keep me up at night. Well handled, sir. Well handled, sir. Well handled!"

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