PRESIDENT Barack Obama and his glamorous wife Michelle are living a life of luxury at the taxpayers expense, according to a bombshell new report. American tabloid the National Enquirer says Barack has spent a fortune on parties, vacations and expensive designer clothes. Its outrageous Obama and his family are spending money like water when the rest of America is frantically tightening their belts in a desperate bid not to drown in their financial woes, said one political insider.