A debate over Trump’s harsh reaction to the migrant caravan and U.S. asylum laws led to Wallace declaring, “I’m not going to attack him.”

“If he lies all the time, why wouldn’t you attack him?” Colbert shot back.

“Because there are good things and bad things,” Wallace responded.

″If you pour poison in a cup of water, there’s still water in there,” Colbert said. “But I’m not gonna drink it because I’ll be poisoned.”

Wallace stepped up his defense of the president by pointing to the economy. But Colbert hit back with fact checks, prompting Wallace to concede that positive growth and employment trends were happening under former President Barack Obama.

The conversation eventually zigzagged to the president’s use of the term “fake news,” which Wallace considers “outrageous.”

Wallace brought up a conversation he had with retired four-star Navy Admiral William McRaven, who was commander of the U.S. Joint Special Operations Command from 2011 to 2014 and oversaw the raid that brought down Osama bin Laden.

“This guy bleeds red, white and blue,” Wallace told Colbert. “He said that he thought that this [calling media “fake news] was the greatest threat to the democracy that he ever heard of.”

“When you call us the enemy of the people you are undermining the Constitution. I completely agree with that.”

Watch the interview above. The conversation heats up at the 7:00 mark.