Political humorist and media critic Stephen Colbert is going out with a bang before the last episode of "The Colbert Report" airs on Dec. 18. On Monday, the late-night news satire television program that has aired on Comedy Central since 2005, was graced with presence of President Barack Obama, who the host deemed "the leader of the free world and the new permanent host of 'The Colbert Report.'"

Broadcasting on location from Washington, D.C. at George Washington University, Colbert, who will be taking over for David Letterman as host of The Late Show" on CBS, granted President Obama the opportunity to deliver the show's trademark "The Word" monologue (renamed "The Decree"), according to Rolling Stone.

"Stephen, you've been taking a lot of shots at my job, I decided I'm going to go ahead and take a shot at yours," President Obama said. "How hard can this be? I am just going to say whatever you were about to say."

Afterward, some of the greatest moments were captured.

For example, the 44th U.S. President ridiculed his very own health care bill and legacy.

"Remember the original healthcare.gov website? I think that's where Disney got the idea for 'Frozen,'" he quipped.

The "Today" show reports that, over the course of the iconic segment, "the audience laughed along as Obama poked fun at how 'arrogant' the president must be and the fact that jokey news shows may be 'beneath his dignity' but above his approval rating."

According to CNN, the president even suggested a way Republicans could stop Obamacare.

"They could pass a bill repealing Obamacare. But the President still has the veto, and if I know that guy, he is willing to use it," Obama said. "And let's face it, even if Republicans somehow did repeal it, they would have to replace it with their own Health care plan. Once they touch it, they own it, and then if anything goes wrong, suddenly everybody will be complaining about Mitch McConnell-care."

The words "Walk It Off.gov" then flashed next to Obama.

Obaba even poked fun at himself.

"Nation," Obama declared, evoking the tone in which Colbert would to his audience, "As you know, I, Stephen Colbert, have never cared for our President. That guy is so arrogant. I bet he talks about himself in the third person."

During the interview section, the two time Emmy Award-winning host conversed with Obama about the lack of voting among young people in the midterm elections that resulted in a Republican senate.

Shortly after, the president found himself the subject of an interrogation when Colbert asked whether he would sign a bill approving the notorious Keystone XL pipeline. The American People spoke, mostly booing, while waiting for a response.

Obama did not vocalize whether he would sign the bill when it would inevitably reach the Oval Office but did note that he is very analytical about the subject.

"If we look at this objectively, we have to make sure it's not adding to the problem of carbon and climate change," Obama said. "Because these young people are going to have to live in a world where we already know temperatures are going up, and Keystone is a potential contributor to that."

The segment eventually came to an end.

"I will say, I felt more powerful behind that desk," Obama concluded.

"With great power comes medium cable ratings," Colbert replied.