On Monday night, The Colbert Report focused on how best to handle the downgrade by S&P. Suffice to say, he was not complementary towards the credit agency.

"Who are the S&P to downgrade us," said the host. "These are the same geniuses who overestimated our deficit by 2 trillion. Plus they didn't even list America's most valuable access, Jesus."

Colbert switched gears to then focus on Rick Perry, as the Texas governor participated in his prayer event this past weekend asking a higher power to fix America's problems.

"Yes we need God's forgiveness, or at least China's," said Colbert.

With Perry's possible declaring of his candidacy for the Republican Presidential nominee, Colbert decided to start his own PAC for the governor in midst of the commercials in Iowa appearing for Perry's several PAC's.

"Rick Perry has everything it takes to be President, including half a face."

Watch: Video from Comedy Central on August 8, 2011.