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." After talking about Obamacare, the President asked, "How do you stop something that more and more people are starting to like?" Next to Obama flashed "Move it to CBS," a nod to the fact that in two weeks Colbert will be stepping down from his Comedy Central show to take over for David Letterman at the "The Late Show" on CBS. The President went on to detail how Republicans could stop Obamacare. "They could pass a bill repealing Obamacare. But the President still has the veto and if I know that guy, he is willing to use it," Obama said. "And let's face it, even if Republicans somehow did repeal it, they would have to replace it with their own health care plan. Once they touch it, they own it, and then if anything goes wrong, suddenly everybody will be complaining about Mitch McConnell-care." "Walk It Off.gov" then flashed next to the President. Near the close of the segment, Obama joked, noting that last year's Obamacare rollout was "a little bumpy." "I think that is where Disney got the idea for Frozen," the President said to laughs. Obama stayed in character for the end of the segment, too. "We will be right back with the leader of the free world," the President said, looking at his page like he couldn't remember his own name before adding, "Barack Obama." Following a break, Obama and Colbert sat down for a somewhat more traditional interview, where the President defended his decision to issue an executive action on immigration reform and the recent positive jobs report. "The economy is growing at a faster rate than it has for years," Colbert said. "Why didn't you fix the economy before the midterm elections? I would have done it before the midterms so people were happy when they voted." "Actually, the economy has been on a pretty good run," Obama said, before listing a number of economic indicators about job creation and growth that his White House regularly pushes. "I'll give it to you. You've employed a lot of people, mostly as secretary of defense," Colbert said, a crack at the fact that Obama recently parted ways with his third, Chuck Hagel, and nominated his fourth, Ash Carter. On immigration, Obama said his decision to issue an executive order is "scrupulously within the law" and something that both Democratic and Republican presidents have done. "You realize you are an emperor now. It has been declared," Colbert joked, referring to an attack some Republicans used against the President during his immigration decision. "You are Barackus Maxamus the First." Obama seemed to enjoy his time behind "The Colbert Report" desk, too. "I will say, I felt more powerful behind that desk," Obama said. Colbert responded with a self-deprecating joke: "With great power comes medium cable ratings."

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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.

Jose Mourinho revealed that he will take time to learn about Real Madrid before deciding to make any major changes, as he was unveiled as the Spanish club's new coach on Monday. The 47-year-old has signed a four-year contract just two weeks after leading Inter Milan to success in the European Champions League final, sealing an unprecedented treble for the Italian club in his second season at the San Siro. Real paid a reported $10 million compensation to Inter to secure his services after ending Chilean coach Manuel Pellegrini's only season in charge, which ended without a trophy despite a massive spending spree on the likes of Cristiano Ronaldo and Kaka. Mourinho, who spoke in Spanish, English and his native Portuguese to the assembled media throng, said it was too early to predict wholesale changes to the star-studded squad. "I believe it's time to analyze the situation, to get to know my club, ask lots of questions and get answers," he said. "I need to realize the direction of my work. The most important thing is not the coach or the players but the club. We are too small compared to the dimension of the club. "If we work as a group, it's not difficult to get results. I want this group to have an identity, to win everything. The strength of my team is always the team and not the individuals. "The club is happy with the roster of last season and so am I. We don't need major changes. "We need three or four players for the coach to have more possibilities to get closer to my ideal of a team. But I don't think it's going to be a summer with a lot of changes. I think it will be a more calm summer with all the focus on the World Cup." Mourinho said he was confident of a successful relationship with compatriot Ronaldo, the world's most expensive player following his $130 million transfer from Manchester United in July. "Cristiano Ronaldo is an incredible player not only for Real but for the whole of football. Cristiano is a winner and it's not difficult to persuade him of this," he said. "I don't know if I was born to coach Real Madrid, but I was born to be a football coach. I love important challenges. "I am Jose Mourinho and I don't change. I arrive with all my qualities and my defects. My attraction to Real Madrid is due to its history, its frustrations in recent years and its expectations to win. "It's a unique club and I believe that not to coach Real leaves a void in a coach's career." Mourinho, who has now twice won Europe's premier club competition, said he was confident of completing his tenure at the Santiago Bernabeu, where 10 managers have departed in the past 10 seasons. "I think a coach needs to be ready to be sacked. But if a coach fears that, he doesn't work well and has great problems," he said. "I am a coach that has a lot of self-esteem and confidence, and I don't think about the possibility of being sacked. I think four years of contract is enough to win, to build a strong team for the present and the future. "The sacking of Pellegrini doesn't make me happy. I am never happy when a coach is sacked. But football is like that. "I have a lot of confidence in my players, I have the hope that my new players have confidence in me."

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Jose Mourinho unveiled as Real Madrid's new coach, signing a four-year contract. Spanish club paid reported $10 million to secure his release from Inter Milan. Mourinho says he will take his time before deciding whether to make major changes. The 47-year-old will focus on forging team spirit rather than rely on individual talents.