President Obama will return to Martha's Vineyard for vacation later this month despite the ongoing financial crisis. The Obama family will spend 10 days on the affluent island retreat off the coast of Cape Cod.

White House press secretary Jay Carney defended the respite, saying Americans wouldn't begrudge the president some time off to spend with his family.

"There's no such thing as a presidential vacation," Carney said. "He will be in constant communication and get regular briefings from his national security team, as well as his economic team." He added that since Martha's Vineyard is so close, the president would be able to travel back to Washington if required.

This will be the first family's third annual trip to Martha's Vineyard since Obama became president.

For security reasons, the White House won't reveal where the first family will be staying. But for the past two years, the first family has stayed at The Blue Heron Farm, a 28.5 acre estate in Chilmark which features a golf course, a boathouse, a swimming pool, an apple orchard and access to a private beach.

But as with presidential vacations in past administrations, the White House says Obama will hold meetings and continue to get updates on both domestic and foreign issues.