"I do not feel that I deserve to be in the company of so many transformative figures that have been honored by this prize," he said.
Obama will go to Oslo in December to accept the honor, which includes a $1.4 million award, the White House said.
Obama will donate the entire amount to charity, a spokesman said.
Finally, I agree with the President.....he does not deserve the Nobel Prize...but there again the prize has been devalued just like the million dollars!!