SNL spoofed the debate last weekend, and I'm finally getting around to blogging it (transcription courtesy of The Hotline):

Lehrer: President Bush, the official position of your administration continues to be that Iraq will hold elections in January. Given the chaotic situation in that country, how will this be possible?
Bush: Jim, our plan in Iraq has always been a 3-phase plan. Phase 1 - invade a country, free a people and remove a brutal dictator. No one will deny Phase 1 was a complete success.
Lehrer: What about Phase 2?
Bush: As we all know, there are those in Iraq who don't want freedom for that country. The Saddam loyalists, the insurgents, the terrorists. In Phase 2, we smoke these folks out by letting them think they're winning, you know? Convincing them that we don't know what we're doing. In other words, lulling them into a false sense of security. And that's where we are right now. Phase 2 - the lulling phase. And despite what our critics would tell you, it's working. Terrorist confidence and morale has never been higher.
Lehrer: And what happens in Phase 3?
Bush: Jim, we're still working on Phase 3. And believe me, we're working hard. Cause, it's, uh, hard work. And we're working hard. Every day. We're working evenings. Ordering in. Working hard together. Now to answer your question, we don't know all the details yet. But basically in Phase 3, we crush the terrorists, and then hold elections so that the Iraqi people can choose their own destiny. Because I believe all people want freedom, don't you?
Lehrer: Absolutely. But when you say, crush the terrorists, how exactly do you plan to do that?
Bush: By working hard. Working Saturdays.
Lehrer: So your plan is to crush the terrorists by coming in on Saturdays?
Bush: If that's what it takes.