President Barack Obama appeared on Monday's "The Late Show with Stephen Colbert" and while promoting his book,"A Promised Land," he admitted to making a major "mistake" while in office.

After Colbert asked him, "Did you miss you? Did you ever look at something going on in the news and go, 'You know what this situation needs? A little Barack Obama.'

"Obama laughed, saying, "I found the work fascinating," he said. "But I do not miss having to wear a tie every day."

Colbert eventually asked the one question we are all wondering. "How does Dolly Parton not have a Presidential Medal of Freedom?" he said.

Obama admitted that one was a "screw-up."

"That's a mistake -- I'm shocked," Obama replied. "That was a screw-up. I'm surprised. I think I assumed that she had already got one, and that was incorrect."