Stephen Colbert wonders if Bush is refusing to endorse Ned Lamont?s Republican opponent in the Conn. Senate race because the president is so toxic these days. But Colbert also has another theory…

Partial transcript:

Colbert: Sen. Lieberman is now running as an independent, but there is a third, little-known candidate, Alan Schlesinger. Now, a lot of people out there don’t know who Alan is. The latest polls have him at 6%, with a margin of error of plus or minus 6%.

But, that is going to change with the help of the Republican Party. Take a look at the strong support Republican National Chairman Ken Mehlman gave Schlesinger on Meet The Press…

[several clips ensue?]

Colbert: Look, I’ve been hearing a lot of chatter about how the administration is hanging Schlesinger out to dry. Not true. If anything, they’re hanging him out to moisten. You see, all over the country, candidates are running away from the president, and that’s not an easy thing to do. Just as Joe Lieberman. He can not get the lipstick out of his collar. But in this case, the president is generously running away from Schlesinger. Nobody expects that. That’s why they won’t endorse Schlesinger. Unless it’s for this reason…

Watch it for the punchline: