Exclusive: Michelle Obama On Walters' Retirement

ET was exclusively with Michelle Obama at the annual White House Easter Egg Roll, where the First Lady gave her candid thoughts on everything from the rumors that ABC broadcasting legend Barbara Walters is retiring, to the horrific NCAA basketball injury suffered by University of Louisville's Kevin Ware Sunday that's been dominating headlines.

"Barbara Walters is one of my favorite people," Obama, clad in a J.Crew tee, Talbots blazer and Gap jeans, said about the rumors that the longtime anchor will be stepping down from The View in 2014. "She has done the Christmas special here at the White House every year and it's always just a tremendous joy, as she tries to steal various items from the White House, but you know, it's Barbara. Barbara -- you can take what you want, whenever you want."

Pics: Michelle Obama, First Lady of Style

And what would make an excellent parting gift for Walters?

"Last year we gave her a basket full of tchotchkes from the White House, so she wouldn't have to steal them, spoons and stuff like that," she joked.

And since it's no secret that President Obama is a huge basketball fan, what did the first couple think of the devastating leg injury Kevin Ware suffered during Sunday's NCAA Midwest Regional final?

"I saw the previews, and my heart goes out to him, his family ...you know, you never want to see an injury like that happen to a kid at such a young age but we're gonna keep our fingers crossed, we're gonna pray that he fully recovers and gets back on his game," she said. "But it was also touching to see how everyone in that stadium felt for him -- all the teammates, all the opponents -- they all gathered around and that's something that we should be proud of. That those young men were just that touched and moved by another player's injury. Proud of all of them .. I couldn't watch the preview."

Video: First Lady Michelle Obama's Guilty Pleasure

The White House Easter Egg Roll is an elaborate affair where people from all 50 states receive tickets through an online lottery and enter the South Lawn in stages. This year's theme, "Be Healthy, Be Active, Be You!," also featured live music, celebrity appearances, sports activities, cooking stations, interpretive dance performances and storytellings.

Tune in to ET tonight and tomorrow night for more of our exclusive interview with the First Lady!