The final SNL Weekend Update Thursday aired on October 23, 2008.  Watch the full episode here.  The cold open skit featured Tina Fey as Republican VP candidate Governor Sarah Palin and Will Ferrell reprising his role as President George W. Bush who, in the skit was determined to endorse a very reluctant Republican Presidential candidate Senator John McCain (Darrell Hammond).

Before McCain’s arrival, Palin and Bush had plenty of time to relish in each other’s folksiness and Bush’s misperceptions of his role as President.

FEY AS PALIN - “You know, John McCain and I have been so busy travelin’ around
this great country of ours talkin’ about change and energy independence and
William Ayers, and doin’ a little shoppin’, but unfortunately Senator McCain,
upon hearing you wanted to give him a super public endorsement, cannot be found.
He was last seen travelin’ on foot through the Adirondacks. But my husband and
two of his drinkin’ buddies are in pursuit on snowmachines.

FERRELL AS BUSH - “Well, We’ll smoke him out. George Bush always finds his man
save for one huge exception.”

FEY AS PALIN - “We are gonna get ‘er done.”

FERRELL AS BUSH - “My God you are folksy.”

FEY AS PALIN - “Why thank you Mr. President. I like to think I’m one part
practiced folksy , one part sassy and a little dash of high school bitchy.”

FERRELL AS BUSH - “For a little while I was trying to be folksy but after a bit,
it just came off douchey. All right, let me get into my endorsement for you as
Vice President. As you know America, the office of Vice President is the most
important office in the land. The Vice President decides when we go to war, how
we tax the citizens and how we interpret the Constitution. The President can do
nothing without checking with the Vice President. That is why Sarah Palin…”

FEY AS PALIN - “Actually, Mr. President, I don’t want to go all Katie Couric on
you, but I think it’s actually the other way around. I think the Vice President
reports to the President.”

Upon McCain’s belated arrival with “First Dude” Todd Palin, Bush began his endorsement while clutching McCain by the hand to keep him, literally in the picture.

FERRELL AS BUSH - “Good to see you, John. Hey let’s get a photo of this;
it’ll really help your campaign out. Now let me do this: I, George W. Bush,
endorse John McCain and Sarah Palin with all my heart…”

(MCCAIN tries to drift out of frame but is pulled back by BUSH)
FERRELL AS BUSH (cont’d) - “”John was there for me ninety percent of the time
over the last eight years. When you think of John McCain, think of me, George
W. Bush. Think of this face. When you’re in the voting booth, before you vote
- picture this face right here. A vote for John McCain is a vote for George W.
Bush.
(to MCCAIN) You’re welcome. So, I want to be there you, John for the next eight
years.”

FEY AS PALIN -The next sixteen years!

Source:  Tina Fey as Sarah Palin, Will Ferrell reprise as President Bush on “Saturday Night Live” Thursday. Transcript

Here is video of the entire Weekend Update Thursday show, including the “Weekend Update” segment with anchors Amy Poehler and Seth Meyers, and appearances from Fred Armisen, and Andy Samberg that followed the cold open skit.