(Jacquelyn Martin/AP)

President Obama on Monday morning called the Internal Revenue Service's admitted targeting of conservative groups "outrageous" and said he "will not tolerate it."

"This is pretty straightforward," Obama said at a news conference. "If in fact IRS personnel engaged in the kind of practices that have been reported on and were intentionally targeting conservative groups, then that's outrageous, and there's no place for it. And they have to be held fully accountable, because the IRS as an independent agency requires absolute integrity."