CAUGHT ON MIC...
The exchange, which was first reported by Jake Tapper of ABC News, was picked up by microphones as reporters were let into the room where the two leaders had been holding a bilateral session ahead of the Nuclear Security Summit.
The Russians are adamantly opposed to the missile defense system, which the administration has repeatedly said is not aimed at Russia.
Obama tells Medvedev: "This is my last election. After my election I have more flexibility."
Medvedev replied: "I understand. I will transmit this information to Vladimir."