President Obama Prepares for the Spotlight at D.C.'s "Prom"

The White House is remaining tight-lipped about President Obama's much-anticipated speech at the annual White House Correspondents Dinner Saturday night at the Washington Hilton.

The star-studded event is known inside the beltway as D.C.'s prom, with journalists, celebrities, diplomats, lawmakers, and administration officials rubbing elbows and partying through the night.

The guest of honor -- the commander-in-chief -- bears the burden of providing comic relief for the nearly 3,000 guests that fill the ballroom.

This will be Mr. Obama's second dinner, and time will only tell as to whether he'll be able to one-up headliner Jay Leno.

For his part, the president has shown he's able to hold his own when it comes to stand-up, as he proved last year when he managed to poke fun not only at the press, but at himself, his vice president, his treasury secretary, and the republican party.

He's expected to once again to deliver his remarks with the help of a teleprompter, which he incorporated into the joke at the 2009 fete.

We're told that the speech has been in the works for several days and is nearly final.