Topic: Felipe Calderon

Obama elicited laughter from the assembled guests on more than one occasion, including when he opened his comments by welcoming Mexican President Felipe Calderon and first lady Margarita Zavala to the White House -- "tonight, la Casa Blanca."

The U.S. president noted Mexico is marking the bicentennial of its independence and the centennial of its revolution and said the evening was a celebration of "the bonds we share, as neighbors and as friends."

Getting around to his toast to the guests of honor, Obama said he remembered the enthusiastic children he and his wife met on their visit to Mexico.

"Each of those children has a dream. And yet we know that in life it's not enough to want your dream," Obama said. 'As the extraordinary writer Octavio Paz wrote in one of his poems, you must 'deserve your dream.'

"And so, Mr. President, I propose a toast -- to the dreams of our children. Together, may we realize those dreams. And together, may we deserve them -- by going forward in partnership and respect."

Speaking through an interpreter, Calderon thanked the Obamas and the people of the United States "for your invitation and the generous hospitality with which we have been welcomed during this visit." He went on to speak of the interdependence of the two nations.

"I have said this, and allow me to repeat it: We work with a certainty of what is good for the United States of America is good for Mexico, and if we understand this, at the same time, what is good for Mexico is good for the United States," the Mexican president said.

Continuing in English, Calderon told Obama he liked the quote about dreams.

"I don't know if you and me deserve our dreams, but I know that both of you -- both of us have dreams; those dreams are related with our people and we fight every day in order to deserve those dreams," he said. "And we will reach them."