By Brad Friedman on 4/29/2006, 10:00pm PT  

WASHINGTON A blistering comedy "tribute" to President Bush by Comedy Central's faux talk show host Stephen Colbert at the White House Correspondent Dinner Saturday night left George and Laura Bush unsmiling at its close.

Earlier, the president had delivered his talk to the 2700 attendees, including many celebrities and top officials, with the help of a Bush impersonator.

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."
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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. "They are re-arranging the deck chairs--on the Hindenburg."
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He also reflected on the good old days, when the media was still swallowing the WMD story.

Addressing the reporters, he said, "You should spend more time with your families, write that novel you've always wanted to write. You know, the one about the fearless reporter who stands up to the administration. You know-- fiction."
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As he walked from the podium, the president and First Lady gave Colbert quick nods, unsmiling, and left immediately.

Editor & Publisher has more...

Crooks & Liars has the second half of the video (wherein Bush pats Colbert on the shoulder on the way out without saying a word.) We'll see if we can get the whole thing soon.

UPDATE: Complete text transcript of Colbert's presentation, along with links to the full video both available here...

UPDATE: Colbert's entire presentation as streaming video now available here...