Last week, the Adjustment Bureau actor appeared on Piers Morgan Tonight and insisted that Obama "misinterpreted his mandate".
In a new interview with The Independent, Damon chided the leader for failing to curb alleged corruption among the country's financial institutions.
"I think he's rolled over to Wall Street completely," he said.
The star continued: "The economy has huge problems. We still have all these banks that are too big to fail. They're bigger and making more money than ever. Unemployment at 10%? It's terrible."
Damon also expressed his opinion that the Obama administration can no longer claim to advocate true change.
"They had a chance that they don't have any more to stand up for things," he added. "They've probably squandered that at this point. They'll probably just make whatever deals they can to try to get elected again."
Despite his dissatisfaction with the politician, the Oscar winner indicated that he still has no plans to vote for a Republican in the 2012 US presidential election.
Damon campaigned for Obama in 2008, even appearing at the 'VoteFest '08' political rally in Florida to garner support for the Democratic Party's then-presidential nominee.
The Adjustment Bureau is now playing in the US and the UK.