I’ve been spending this week catching up on TV I missed while I was in Austin for SXSW. Most of it has been fantastic (30 Rock, the Office), some were OK (Lost) and some were out of this world.

If you’re a Colbert Report fanatic, you no doubt know that for weeks now, Stephen has been trying to get RNC Chairman Michael Steele to appear on his shop for a “fiscally responsible” rap battle. He’s twice said that he accepts Stephen’s challenge, but nothing has become of it… until now.

Last week, Colbert dropped some rhymes in lieu of an appearance by Steele. Then, when he realized it was unfair not to let him defend himself, they played a montage of clips of Steele in what has to be one of the best Colbert moments ever. The result is just gold.

Hit it, Jimmy.