Without getting too bogged down in the politics of the matter, I found this video taking President Obama to task over his Biblical exegesis to be very good. We can run into all sorts of problems when we take verses out of their context. And I think that what President Obama is advocating is exactly the opposite of what this verse is saying.
I want to step aside from the debate of what the church is supposed to be doing in the world for a minute. It is a very worthwhile debate to have but just outside of the scope of the application of this particular passage. The President is quoting Luke 12:48 which is a part of the passage of Luke 12:35-48. The passage is not about what we are supposed to be doing as the church rather it is talking about the way that we are supposed to be doing it. The passage is a warning to us about taking the easy way out. We are supposed to be working hard doing the things that we are supposed to be doing as the church. I would argue that passing any of our duties off to the government would be taking the easy way out and is exactly the type of thing that this passage is warning against. So if one wants to argue that taking care of the poor is a part of the duty of the church passing the buck (literally or figuratively) to an organization that is very inefficient at doing so is probably not what this passage is telling us to do.
"For to everyone who has will more be given, and he will have an abundance. But from the one who has not, even what he has will be taken away."
But of course that verse wouldn't be making the political point that President Obama was trying to make.
Scripture quotations are from The Holy Bible, English Standard Version® (ESV®), copyright © 2001 by Crossway, a publishing ministry of Good News Publishers. Used by permission. All rights reserved.