The president will take questions from reporters at 2 p.m. Later in the evening, Obama and the first family will depart for a 17-day vacation in Hawaii.
The press conference will close out a rocky year for the president, which saw him tumble in the polls, hitting new lows in approval rating and with surveys showing that record numbers now question his trustworthiness and managerial skills.
Obama is likely to face tough questions about the troubled rollout of Obamacare's online insurance exchanges. The healthcare.gov website was launched in October with massive technical issues, which undercut enrollment for the president's signature domestic achievement.
The president's second-term agenda also stalled with lawmakers failing to pass his calls for immigration reform and tougher gun control. And on the foreign front, Obama faces skepticism from lawmakers and key allies about a short-term nuclear deal with Iran that freezes some sanctions.
Obama will also face questions on his review of the National Security Agency's surveillance programs. The president is weighing the recommendations from an outside panel which called for more oversight of the NSA's phone and internet monitoring.