Watch a clip from the Correspondent's Dinner Saturday night, where Steven Colbert didn't let the President off the hook (click here for video).

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Or read transcript of entire routine:

STEPHEN COLBERT: Thank you, ladies and gentlemen. Before I begin, I've been asked to make an announcement. Whoever parked 14 black bulletproof S.U.V.'s out front, could you please move them? They are blocking in 14 other black bulletproof S.U.V.'s and they need to get out.

Wow. Wow, what an honor. The White House correspondents' dinner. To actually sit here, at the same table with my hero, George W. Bush, to be this close to the man. I feel like I'm dreaming. Somebody pinch me. You know what? I'm a pretty sound sleeper -- that may not be enough. Somebody shoot me in the face. Is he really not here tonight? Dammit. The one guy who could have helped.

By the way, before I get started, if anybody needs anything else at their tables, just speak slowly and clearly into your table numbers. Somebody from the NSA will be right over with a cocktail. Mark Smith, ladies and gentlemen of the press corps, Madame First Lady, Mr. President, my name is Stephen Colbert and tonight it's my privilege to celebrate this president. We're not so different, he and I. We get it. We're not brainiacs on the nerd patrol. We're not members of the factinista. We go straight from the gut, right sir? That's where the truth lies, right down here in the gut. Do you know you have more nerve endings in your gut than you have in your head? You can look it up. I know some of you are going to say I did look it up, and that's not true. That's cause you looked it up in a book.

Next time, look it up in your gut. I did. My gut tells me that's how our nervous system works. Every night on my show, the Colbert Report, I speak straight from the gut, OK? I give people the truth, unfiltered by rational argument. I call it the "No Fact Zone." Fox News, I hold a copyright on that term.

I'm a simple man with a simple mind. I hold a simple set of beliefs that I live by. Number one, I believe in America. I believe it exists. My gut tells me I live there. I feel that it extends from the Atlantic to the Pacific, and I strongly believe it has 50 states. And I cannot wait to see how the Washington Post spins that one tomorrow. I believe in democracy. I believe democracy is our greatest export. At least until China figures out a way to stamp it out of plastic for three cents a unit.

In fact, Ambassador Zhou Wenzhong, welcome. Your great country makes our Happy Meals possible. I said it's a celebration. I believe the government that governs best is the government that governs least. And by these standards, we have set up a fabulous government in Iraq.

I believe in pulling yourself up by your own bootstraps. I believe it is possible -- I saw this guy do it once in Cirque du Soleil. It was magical. And though I am a committed Christian, I believe that everyone has the right to their own religion, be you Hindu, Jewish or Muslim. I believe there are infinite paths to accepting Jesus Christ as your personal savior.

Ladies and gentlemen, I believe it's yogurt. But I refuse to believe it's not butter. Most of all, I believe in this president.

Now, I know there are some polls out there saying this man has a 32% approval rating. But guys like us, we don't pay attention to the polls. We know that polls are just a collection of statistics that reflect what people are thinking in "reality." And reality has a well-known liberal bias.

So, Mr. President, please, pay no attention to the people that say the glass is half full. 32% means the glass -- it's important to set up your jokes properly, sir. Sir, pay no attention to the people who say the glass is half empty, because 32% means it's 2/3 empty. There's still some liquid in that glass is my point, but I wouldn't drink it. The last third is usually backwash. Okay, look, folks, my point is that I don't believe this is a low point in this presidency. I believe it is just a lull before a comeback....

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