Barack Obama plays Daniel Day-Lewis playing Barack Obama

The White House Correspondents' Association dinner is historically a chance for the US president to show off his lighter side, and Barack Obama has done so yet again, and showcased his acting skills to boot.

Two years ago Obama used the address to poke fun at Donald Trump and the "birthers", claiming to have unearthed a video as conclusive proof of his origins … which turned out to be a clip from The Lion King.

This year it was again a movie that took centre stage, with the president riffing on Daniel Day-Lewis's portrayal of Abraham Lincoln in a clip with Steven Spielberg in which Obama played Day-Lewis playing himself.

Spielberg tells us Obama's "already a lame duck" so makes perfect sense as the subject of his next movie: Obama. Obama, as Day-Lewis, says the "cosmetics were challenging" in sending up his own ears, and illustrates his struggles with capturing his accent in enunciating Ohio. The self-deprecating video was warmly received in the hall.

The White House Correspondents' Association dinner is ostensibly a ceremony for honouring the press corps, but attracts A-list stars and has become a fixture for presidents to show a comic turn.

Obama also joked about his plans for a radical second-term evolution from "strapping young Muslim socialist" to retiree golfer, all with a new hairstyle like first lady Michelle's.

Entering to the rap track All I Do Is Win by DJ Khaled, Obama joked about how re-election would allow him to unleash a radical agenda. But then he showed a picture of himself golfing on a mock magazine cover of Senior Leisure.

"I'm not the strapping young Muslim socialist that I used to be," the president remarked, and then recounted his recent 2-for-22 basketball shooting performance at the White House Easter egg hunt.

But Obama's most dramatic shift for the next four years appeared to be aesthetic. He presented a montage of shots featuring him with bangs similar to those sometimes sported by his wife.

Obama closed by noting the nation's recent tragedies in Massachusetts and Texas, praising Americans of all stripes – from first responders to local journalists – for serving the public good.

Saturday night's banquet not far from the White House attracted the usual assortment of stars from Hollywood and beyond. Actors Kevin Spacey, Julia Louis-Dreyfus and Claire Danes, who play government characters in popular small -screen series, were among the attendees, as was Korean entertainer Psy. Several cabinet members, governors and members of Congress were present. Late-night talkshow host Conan O'Brien headlined the event.

Some of Obama's jokes came at his Republican rivals' expense. He asked that the Republican's minority outreach begin with him as a "trial run" and said he'd take his recent charm offensive with Republicans on the road, including to a book-burning event with Michele Bachmann.

Casino magnate Sheldon Adelson would have had better success getting Obama out of office if he simply offered the president $100m to drop out of last year's race, Obama quipped.

And on the 2016 election, the president noted in self-referential irony that potential Republican candidate Marco Rubio wasn't qualified because he hasn't even served a full term in the Senate. Obama served less than four years of his six-year Senate term before he was elected president in 2008.

The gala was also an opportunity for six journalists, including Associated Press White House correspondent Julie Pace, to be honoured for their coverage of the presidency and national issues.

The New Yorker's Ryan Lizza won the Aldo Beckman award, which recognises excellence in the coverage of the presidency. Pace won the Merriman Smith award for a print journalist for coverage on deadline.

ABC's Terry Moran was the winner of the broadcast Merriman Smith award for deadline reporting. Reporters Jim Morris, Chris Hamby and Ronnie Greene of the Centre for Public Integrity won the Edgar A Poe award for coverage of issues of national significance.