The celebrity dinner, which cost couples $30,400 to attend, was followed by a larger, lower-dollar concert that all told raised between $3 million and $4 million for the Democratic National Committee (DNC).

"We didn't ask for the challenges that we face, but we don't shrink from them either," he said. "It won't be easy. There will be setbacks. It will take time."

The president conceded that his administration "had our fits and starts."

"I've made some mistakes, and I guarantee you I'll make some more," he said.

But Obama said in promising to continue to work hard, "Los Angeles, you ain't seen nothing yet."

President Obama was in a boastful mood Wednesday night, telling a star-studded crowd at a fundraising dinner that he "would put these first four months up against any prior administration since FDR."

You mean, more mistakes???