Watch “Emperor” Obama Take Over Hosting Duties for Colbert

“You’ve taken plenty of shots at my job. I’m going to take a shot at yours.”

And with that, President Obama seized control of a special D.C. edition of “The Colbert Report” last night, leading off by taking over hosting duties for the latest installment of “The Word,” or as the president promptly renamed, “The Decree.”

Later on, the two sat down and discussed everything from the midterm elections to the nuclear launch codes. Regarding immigration reform, Colbert asked his guest, “You realize you’re an emperor now…Why did you burn the Constitution and become an emperor?”

Colbert, who will be replacing David Letterman over at the “Late Show” soon, concluded the special appearance with a suggestion that melded both immigration legislation and Keystone into one bizarre policy proposal. The president declined: “Stephen, that sounds like a ridiculous idea. But that’s why you’re where you are, and I’m where I am.”

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