Lt. Col. Ralph Peters, another Fox contributor, was also suspended after calling Obama "a total p***y" during an appearance on the Fox Business Network.
Both Dash and Peters have been suspended for two weeks, Fox senior executive vice president Bill Shine said in a statement to ET.
"Earlier today, Fox contributors Lt. Col. Ralph Peters and Stacey Dash made comments on different programs that were completely inappropriate and unacceptable for our air," Shine said. "Fox Business Network and Fox News Channel do not condone the use of such language."
Dash later made it clear on Twitter that she doesn't regret her comments.
"Consequences. Some of us have to pay them. Gladly," she tweeted on Monday.
Consequences. Some of us have to pay them. Gladly.
This isn't the first time, of course, Dash has made headlines for her politics. In April, Dash and Meredith Vieira argued over equal pay for women in a memorably uncomfortable interview on Vieira's NBC show.
"I feel like it's an excuse. It's the same thing with race. It's an excuse. Stop making excuses," Dash said to Vieira. "If there are opportunities, seize them and be prepared for them, and be the best, if that's what it takes. If you have to be extraordinary, then be extraordinary."
But Vieira held her ground and listed off the statistics.
"I'm not saying I'm a victim. I'm pissed off," the host said pointedly.