Joe Biden -- Obama and I Don't Exchange Xmas Gifts

There is a special holiday policy in the White House ... the President and the Vice President DO NOT exchange Christmas gifts, at least that's what VP Joe Biden tells TMZ (yes, TMZ!).

Biden dropped the info while on Capitol Hill yesterday ... telling us all about the special gift treaty he arranged with President Barack Obama -- "We exchange birthday gifts, we don't exchange Christmas gifts."

Biden was quick to point out, "He gave me a GREAT birthday gift!"

The Veep acknowledged it's really tough to shop for the most powerful man on the planet ... but they usually give each other something that has to do with golf.

Check out the clip -- Joe tells us what he got Obama ... and what Obama got him.