Malia Obama, now in her first year of high school, recently got her first cell phone.
"You never know when I'm going to walk in your room, and I'm going to definitely ask you, 'oh, are you, who are you talking to, and are you talking about school work?'" Mrs. Obama said.
"And, and they're not very good at lying," interjected President Obama with a grin.
Both said fostering independence and responsible behavior, grounded in mutual trust, is a hallmark of their parenting.
"I'm trusting her to do what's right," the first lady said of her eldest daughter. "She knows the rules, she knows what she's supposed to do, and you know, and I'm not going to be able to monitor when she goes to college, so we're practicing for college and beyond." Malia will be college-bound just as the Obamas leave the White House in 2016.
Does that practice include dating? The Obamas won't say.
"I'm not going to disclose all her business on national television," the president said. "But, she's a teenager, and she's going to start at some point, you know, being interested in it."
Looking ahead to his next term, President Obama says the seriousness of his responsibilities still looms large, rooted in the personal connections he developed on the campaign trail.
"As commander in chief, I've put men and women of our armed services in harm's way, and some of them get killed, and some of them get injured and that always weighs on me," he said. "That is as raw and as fresh now as it was the first month I took office."
The campaign trail "reinvigorated me," Obama said. "It reminded me of why I got into politics in the first place, and in some ways the election was just sort of the icing on the cake."
Asked about his favorite presidential perk, Obama said he values being able to avoid the TSA.
"Not having to take off your shoes before you get on your plane is probably a pretty good luxury," he told Walters. "And obviously you're never late for flights because generally the plane doesn't take off without you."