PROMISED LAND," PRESIDENT BARACK OBAMA.

MR. PRESIDENT, YOU'RE FAMOUS FOR YOUR COMPETITIVENESS.

WOULD YOU LIKE TO TAKE ME ON IN A GAME OF WASTE BASKET BALL.

>> ABSOLUTELY.

>> Stephen: ALL RIGHT, LET'S HIT SOME BASHETS.

>> LET ME ASK YOU A QUESTION: DID HE PRACTICE A LOT ON THIS

WHOLE WASTE BASKET BASKETBALL IDEA?

HAS HE BEEN PRACTICING, LIKE, ALL MONTH FOR THIS.

>> Stephen: NO!

WOULD YOU LIKE TO TAKE SOME PRACTICE SHOTS FIRST?

WOULD YOU LIKE TO TAKE SOME PRACTICE SHOTS.

>> I DON'T NEED PRACTICE SHOTS.

AGAINST YOU.

>> Stephen: ALL RIGHT, BASHET'S RIGHT OVER THERE.

INSIDE YOUR THING OVER HERE.

>> OH, I ALREADY HAVE MY-- YOU.

>> Stephen: ALREADY HAVE YOURS RIGHT THERE.

THERE ARE 10 PAPER BALLS.

YOURS IS A YELLOW LEGAL PAD, WHICH I BELIEVE IS HOW YOU WROTE

YOUR BOOK.

>> WHAT IS YOUR S.

>> Stephen: I HAVE BLUE SCRIPT PAPER.

>> HOW COME IT SEEMS LIKE YOURS IS CRUMPLED UP MORE.

>> Stephen: BECAUSE I SQUEEZED THEM.

>> NOT ONLY DID YOU PRACTICE-- LOOK AT THIS ONE-- LOOK AT THIS

ONE COMPARED TO YOURS.

>> Stephen: TAKE A MOMENT.

TAKE A MOMENT.

>> AND...

>> Stephen: DO YOU WANT TO TRADE BALLS?

>> NO, BUT I JUST THINK AS A MATTER OF PRINCIPLE, THE FACT

THAT YOU DIDN'T......

>> Stephen: SO HEREs.

IT'S JUST 10.

>> S.>> ARE WE TIMING THIS OR AR JUST GOING TO GO "10."

>> Stephen: WE CAN SHOOT AT THE SAME TIME, IF YOU WANT.

>> I JUST DON'T TRUST YOU.

ALL RIGHT, COME ON, LET'S GO.

>> Stephen: DO YOU WANT TO MAKE IT INTERESTING?

IF-- IF I WIN, YOU HAVE TO MENTION ME IN YOUR NEXT BOOK.

>> AND WHAT IF I WIN.

>> Stephen: WHAT DO YOU WANT?

>> NOBODY'S GOING TO READ YOUR BOOK ANYWAY, SO

( LAUGHTER ) IT DOESN'T MATTER.

I'M NOT GOING TO LOSE.

YOU READY.

>> Stephen: HOW ABOUT THIS: HOW ABOUT I'LL MAKE A DONATION

TO YOUR LIBRARY.

>> NOW, THAT-- THAT IS IS WORTH-- WORTH-- IS THIS AN EQUAL

DISTANCE, BY THE WAY?

>> Stephen: THEY MEASURED IS OUT.

>> ALL RIGHT.

READY?

>> Stephen: YUP.

>> WE'RE TERRIBLE!

( BELL RINGS ).

>> Stephen: PRESSURE'S ON.

>> OH!

>> Stephen: YOU GOTTA-- ( BELL RINGS ).

>> Stephen: OH, NO!

>> OH, MAN!

( BELL RINGS ).

>> Stephen: IT'S WHAT I DO!

IT'S WHAT I DO.

>> IT'S NOT FINISHED YET.

HOW MANY MORE YOU HAVE GOT.

>> Stephen: I GOT FIVE MORE OVER HERE.

>> I HAVE TO MAKE AT LEAST THESE LAST THREE.

>> I'M SPENDING ALL MY TIME CRUMPLING MY BALLS HERE.

ALL RIGHT.

OH!

THAT WAS SO CLOSE.

( BELL RINGS.

>> COLBERT, I'M GETTING CRUSHED.

LAUGHS ) ( BELL RINGS )

OH, MAN!

( BELL RINGS ) >> OH!

OH!

( BELL RINGS ).

>> Stephen: WOOOOO!

>> I DIDN'T EVEN HIT ONE.

HOW AM I GOING TO LIVE THIS DOWN?

HOLD ON A SECOND.

I GOT ONE MORE.

>> Stephen: THIS IS FOR EVERYTHING.

OH!

( BELL RINGS ).

>> Stephen: YOU LET ME WIN.

>> NO, LOOK AT ME.

( LAUGHTER ) ALL RIGHT.

>> Stephen: THAT MADE THIS MY FARCHT INTERVIEW OF ALL TIME.

>> YEAH, YEAH.

I WILL NEVER-- I'VE LOST MY SWAG ON "STEPHEN COLBERT."

>> Stephen: REALLY, VERY LAST QUESTION.

NOT EVEN A QUESTION, JUST A STATEMENT-- THANK YOU FOR BEING

PRESIDENT.