What does President Obama's joke, "Bucket taking executive action on immigration," "Bucket new climate regulation" mean?

Solution 1:

The hidden meaning appears more clearly in the audio version.

Bucket list:

noun

informal A number of experiences or achievements that a person hopes to have or accomplish during their lifetime:

making this trip is the first thing on my bucket list

Metaphoric application to things you would like to accomplish before the end of your second term as president:

“Mr. President, do you have a bucket list?”

So what rhymes with bucket list?

F#@k it list!

This is a play on words based on the implication of a vivid imagination:

Take executive action on immigration.
[Rhymes with] Bucket.
New climate regulations.
[Rhymes with] Bucket.