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Barack Hussein Obama (born August 4, 1961 in Honolulu, Hawaii) was the 44th President of the United States in actuality, and was in office on October 21, 2015 at the time that the fictitious events of Back to the Future Part II are set.
When the film was made in 1989, the prospect of a female president seemed to be something not likely to happen until the 21st century, although that of an African-American president seemed equally unlikely in the 1980s.
In 1955, Lou Carruthers was skeptical at the idea of there being a colored mayor in the future, yet by 1985, Goldie Wilson had become the mayor of Hill Valley. Similarly, in 1985, the idea of a "colored" (to use Lou's 1955 terminology) President of the United States was still largely seen as a distant fantasy, yet Obama defeated this notion when he was elected in 2008.