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Obama Hailed as 'the Greatest Leader in the World' at Magic's House

Attendees included Tom Hanks and Rita Wilson, philanthropist Eli Broad and L.A. Mayor Eric Garcetti.

Obama told this crowd that he's "as proud as I’ve ever been" about Obamacare.

"And I think it’s fair to say I’m not happy about the fact that we didn’t have a website that worked on the day it was supposed to work -- although it’s actually starting to work pretty well now and it’s going to be working even better in the coming weeks," he said, adding that he didn't need a good headline on Obamacare as the program itself "vindicates a core value that I believe in and that we, as Americans, should believe in."

"I've also said we cannot accept Iran having a nuclear weapon," he acknowledged. "But I spend too much time at Walter Reed, looking at kids, 22, 23, 24, 25 years old, who've paid the kind of price that very few of us in this room can imagine on behalf of our freedom not to say I'm going to do every single thing that I can to try to resolve these issues without resorting to military conflict."

"...This is not politics; these are not games.  And the stakes are extraordinarily high.  And we make decisions like the one we made, we don't make them based on political expedience; we don't make them on the basis of what might make a good headline today or tomorrow.  But we make them on the basis of our judgment -- my judgment -- about what we need to do to keep America safe.  It is the single, most solemn responsibility I have as President of the United States."

Unlike other parts of his speech, Obama was not interrupted by applause when explaining his decisions on Iran. His host, Saban, is an Egyptian-born Israeli.

Today the president attends a DNC event in L.A., tours DreamWorks Animation, and meets with film industry executives.