Stewart first learned that Obama's budget proposal would be "dead on arrival" because of differences with Congressional Republicans. He tried to revive it to no avail.
He also took a shot at Obama's missed shots in an Easter Egg Roll basketball game, during which the President shot 2 of 22. And Stewart noted that Obama also missed when he called California Attorney General Kamala Harris the "best-looking" attorney general in the country.
"Are you trying to make Delaware AG Beau Biden cry?" Stewart said.
Stewart then touched on First Lady Michelle Obama's slip that she was a "single mother."
"It's amazing how far this president has fallen," Stewart joked. "Hope-and-change demigod to, apparently, Will Smith in I Am Legend."
Watch the clip below, via Comedy Central: