04/27/2011 03:59 pm ET Updated 4 days ago

Colbert Nails Romney For Nailing Obama's Supposed 'Peacetime Spending Binge' (VIDEO)

It may be a first in American history: we're at war during peacetime. At least, that's what Mitt Romney seems to think.

On Tuesday night's "Report," Colbert took a look at the GOP potential candidate field, which is one man weaker now that Haley Barbour has bowed out. Mitt Romney had seemed to be rising to the creamy top, but thanks to some confusion about war and peace (come on, it's a long book...can you blame him) his chances may be dwindling.

Of course, given that the collective American memory can be measured with an egg timer, maybe forgetting that we're currently engaged in three wars isn't such a big thing.