The 67th annual Alfred E. Smith Memorial Foundation Dinner took place Thursday evening and was a chance for the presidential candidates, Barack Obama and Mitt Romney, to relax and have a night of camaraderie instead of debate.

Hosted by the Archdiocese of New York, the dinner is considered a rite of passage on the way to the U.S. presidency.

The candidates raised $5 million at the white-tie charity event and also gave speeches making light of everything from their affluence to each other. Both Obama and Romney made several hilarious jokes in their speeches last night. Here’s a rundown of some of their funniest zingers.

Romney’s funniest jokes

On his wealth (dressed in white-tie attire): "A campaign can require a lot of wardrobe changes — blue jeans in the morning perhaps, suits for lunch fundraisers, a sport coat for dinner. But it's nice to finally relax and to wear what Ann and I wear around the house."

On the debates: "In keeping with the 'Sesame Street' theme, the president's remarks are brought to you tonight by the letter O and the number 16 trillion."

On the press: "I've already seen early reports from tonight's dinner — headline: 'Obama Embraced by Catholics. Romney Dines With Rich People.'"

Obama’s funniest jokes

On the debates: "This is the third time that [former Massachusetts governor] Romney and I have met recently. Some of you may have noticed, I had a lot more energy in our second debate. I felt really well-rested after the nice long nap I had in the first debate."

On the two men's commonalities: “Ultimately, though, tonight's not about the disagreements Romney and I may have. It's what we have in common, beginning with our unusual names. Actually Mitt is his middle name, I wish I could use my middle name.”

On how he spent his day: “Earlier today I went shopping at some stores in Midtown. I understand Romney went shopping for some stores in Midtown.”