During their chat, the President and First Lady answered a set of questions drawn from the late-19th century Proust Questionnaire, a series of personality questions made famous by French author Marcel Proust.
When Walters asked Obama the one trait he deplores in himself, the answer was not exactly one you'd expect from, presumably, one of the busiest people in the world.
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"Laziness," answered Obama. "Deep down underneath all the work I do, I think there's a laziness in me. It's probably from growing up in Hawaii, and it's sunny outside. Sitting on the beach."
Obama said he also deplores laziness in others, adding, "Nothing frustrates me more than when people aren't doing their jobs."
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Walters later asked the Commander-in-Chief what he would describe as perfect happiness.
"When I feel as if the people closest to me are happy and healthy and I'm connected with them, and when I feel as if I'm doing things that are making other people better and happy, then I feel real good. That's when I'm at my peak," replied the President.
The First Lady added, "Happiness is family -- the health of family. I could go on and on and on, but when my family's good, I'm good."
To see more of the First Family's intimate interview, tune into "20/20" tonight at 10 p.m. on ABC.