Spendthrift First Lady MICHELLE OBAMA spends millions on pricey Hawaiian holiday as mortified hubby PRESIDENT OBAMA freaks out!

THUD! That’s the sound of America’s economy hitting rock bottom. But all Michelle Obama hears is KA-CHING!

The first fashionista secretly splurged on pricey jewelry before the family’s annual holiday vaca­tion in Hawaii, which will cost taxpayers a whopping $3.2 mil­lion in airfare alone!

Now sources say her morti­fied husband, President Barack Obama, has demanded that she cut back!

“The president’s advisers have told him that Michelle’s spend­ing has spiraled ‘completely out of control’ and he needs to rein her in,” a top political source in Washington, D.C., told The ENQUIRER.

“Barack read his wife the riot act, but his words fell on deaf ears.”

The Chief Executive also begged his wife to cancel their Christmas getaway to the Aloha State and spend a week at Camp David, the presidential retreat in Maryland, instead, said the source.

“But Michelle said there was ‘no way’ she was going to disap­point their daughters Sasha and Malia and call off the Hawaii trip,” the source divulged.

“Then, to make matters worse, Barack found out that Michelle went on a shopping spree in the weeks before the trip!”

For the FULL STORY it’s ONLY in the newest ENQUIRER hitting newsstands today!