Fifty years after King made the iconic "I Have a Dream" speech on the steps of the Lincoln Memorial, Obama, said that the way in which the civil rights leader captured the hopes and dreams of an entire generation is unmatched.
In a radio interview yesterday, Obama said he imagines that King "would be amazed in many ways about the progress that we've made."
"When you are talking about Dr King's speech at the March on Washington, you're talking about one of the maybe five greatest speeches in American history," Obama said.
"And the words that he spoke at that particular moment, with so much at stake, and the way in which he captured the hopes and dreams of an entire generation I think is unmatched," he said.
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Obama will be joined for the "Let Freedom Ring" ceremony by a host of civil rights leaders, as well as past presidents and members of the King family.
He is expected to offer his personal reflections on the civil rights movement, King's speech, the progress achieved in the past 50 years and the challenges that demand attention from the next generation.
Gandhi and his philosophy were of special interest to King.
In his 1959 Palm Sunday sermon, King preached on the significance of Gandhi's 1928 salt march and his fast to end discrimination against India's untouchables.