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Colbert Nails The Sequester, And Why It's Bad For Both Parties (VIDEO)

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Stephen Colbert performed a very important public duty on Thursday's "Colbert Report": He explained the budget sequestration, which went into effect at midnight last night, in the clearest terms yet.

He detailed how the spending limit, which will cut programs and entitlements beloved by both parties, was borne out of President Obama's call to raise the debt ceiling in 2011.

"It's sort of like raising the credit limit on your Visa to pay off your MasterCard, if you had used your MasterCard to pay off two trillion-dollar wars," he joked.

He closes out his explanation of the crisis with an alternative plan (hint: it involved an ebola-stricken monkey to hang above congress). Check out the clip from last night's "Colbert Report" for Stephen's thorough explanation.

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