The audio was recorded just before Obama went on camera to do an interview with CNBC. Before the interview began, Obama -- referring to Kanye's antics on stage -- said "I thought that was really inappropriate," then adding, "He's a jackass."

After making the remarks, Obama said "Where's the pool?" Presumably, he was worried the joke would go wide. He noted the last time that happened, he got burned for killing a fly.

Obama said, "Cut the President some slack."

Hear Obama's Off Air Audio: http://www.tmz.com/2009/09/15/obama-calls-kanye-a-jackass/