Stephen Colbert should probably not count on hosting the White House Correspondents dinner next year.

Colbert, who spoke in the guise of his talk show character, who ostensibly supports the president strongly, urged the Bush to ignore his low approval ratings, saying they were based on reality, “and reality has a well-known liberal bias.”

He attacked those in the press who claim that the shake-up at the White House was merely re-arranging the deck chairs on the Titanic. “This administration is soaring, not sinking,” he said. “If anything, they are re-arranging the deck chairs on the Hindenburg.”

Colbert told Bush he could end the problem of protests by retired generals by refusing to let them retire. He compared Bush to Rocky Balboa in the “Rocky” movies, always getting punched in the face—“and Apollo Creed is everything else in the world.”

Turning to the war, he declared, "I believe that the government that governs best is a government that governs least, and by these standards we have set up a fabulous government in Iraq."

He noted former Ambassador Joseph Wilson in the crowd, just three tables away from Karl Rove, and that he had brought " Valerie Plame." Then, worried that he had named her, he corrected himself, as Bush aides might do, "Uh, I mean... he brought Joseph Wilson's wife." He might have "dodged the bullet," he said, as prosecutor Patrick Fitzgerald wasn't there.

Colbert also made biting cracks about missing WMDs, “photo ops” on aircraft carriers and at hurricane disasters, melting glaciers and Vice President Cheney shooting people in the face. He advised the crowd, "if anybody needs anything at their tables, speak slowly and clearly on into your table numbers and somebody from the N.S.A. will be right over with a cocktail. "

I wish I could have been a fly on the wall in this thing. I assume we will see more footage of this as the week goes on. Colbert is really coming up as a strong competitor to Jon Stewart, who I still feel is the "go to guy" when it comes to political comedy.

(By the way you should definitely visit the link above for the rest of Colbert's comedy barbs, I only took a small sampling.)

Update: Crooks and Liars has the video.