Stephen Colbert presented his analysis of the compromise struck between President Barack Obama and congressional leaders on “The Colbert Report” Monday night, and after outlining survival tactics should the U.S. default (mostly involving urine), he presented an alternate version of a children’s tale, Three Billy Goats Gruff.

“Obama is the troll,” Colbert explained. “Back in December, the smallest billy goat said, ‘Mr. Troll, let me cross your bridge so I can go to the other side and renew the Bush tax cuts or I will call you a job killer.’”

Watch the clip below to find out what the other two bill goats are, how trolls celebrated in 1995 (it involves troll interns) and the thrilling conclusion to Colbert’s allegory.

Originally broadcast on Comedy Central August 1, 2011, embedded courtesy of Comedy Central.