Bloomberg, a Republican, downplayed political differences with Obama, a Democrat, after he was overheard at a party saying presumptive GOP nominee Mitt Romney would probably do a better job, although he could not endorse Romney because of his stances on gun control and abortion, Politico reported Sunday.
Bloomberg told CNN he thinks Obama has been put "in a very difficult situation."
"I happen to think that Obama's been a much better president than people give him credit for," Bloomberg said in an interview with CNN that was shared with Politico.
"I don't agree with him on everything," Bloomberg said. But, "you've got a Congress that is very polarized and partisan. There are problems all over the world."
Bloomberg praised Romney's record in Massachusetts.
"I've known him for a long time. He did a good job as governor of Massachusetts. I like a lot of things, he did up there. He actually put in a health care plan that worked," Bloomberg said.
Bloomberg, who also praised Obama's healthcare reform efforts, said he doesn't agree with some of the things Obama has done but said "I think he's hardworking and cares very much."