http://www.riehlworldview.com/carniv...-way-down.html

Update: It Was A Gay Joke - Obama: Michelle "Doesn't Go All The Way Down"

Update: Buzzfeed has added the transcript. Given that it was related to Ellen DeGeneres, the context becomes a bit more clear - or, less fuzzy, perhaps.

I want to thank my wonderful friend who accepts a little bit of teasing about Michelle beating her in pushups -- (laughter) -- but I think she claims Michelle didn’t go all the way down. (Laughter.)

I'm thinking Barry didn't want to go there at a gay and lesbian fund raising event. But he di-d!!

Pool reporter Todd Gilman of the Dallas Morning News writes:

He warmed up with some jokes about the first lady’s appearance on the Ellen DeGeneres show. “Michelle outdoes me in pushups as well,” he said, after saying that she’s taken some criticism on her technique “because she doesn’t go all the way down” – a line that he let hang, naughtily, provoking laughter from the crowd.
*facepalm*

Perhaps he learned the joke at the Special Olympics.