Asked "If you could run for a third term, would you?", the 54-year-old and father of two teenage girls, said, "No. I wouldn't."
"Number one, Michelle wouldn't let me! You know, this is a big sacrifice, and a great privilege, but it takes a toll on family life, Obama told CBS News, looking back upon his presidency, and beyond.
Obama, who became President on January 20, 2009, will complete his second term on January 20, 2017. The US Constitution limits a president to two four-year terms.
"And although I think I am as good of a president as I have ever been right now, I also think that there comes a point where you don't have fresh legs. And you know, that's where you start making mistakes. Or that's when you start thinking that you are what's important, as opposed to the mission being more important," he said.
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Obama indicated that he was craving the trappings of everyday America.
"When I turn over the keys to the next occupant, one thing I'm confident about, and maybe why I don't feel obliged to yearn for a third term, is I'm very confident I'll be able to say that things are a lot better now than they were when I came into office," Obama said.
"It is such an extraordinary privilege to have this job," he said, adding, "Look, there are times where you get tired. There are times where you're frustrated."
"Absolutely. And yet, there has not been a day that I have not walked into the Oval Office and understood that at no point in my life will I ever have the chance to do as much good and make as much of a difference in the lives of people as I do right now.