Bill O'Reilly and Jon Stewart trade arguments guardian.co.uk

If Barack Obama was criticised for failing to take the fight to Mitt Romney in the first US presidential debate, the same could not be said for his compatriot in the realm of topical satire.

Jon Stewart, lampooner-in-chief of cable news, faced his sworn enemy in a TV debate on Saturday and opened with the words: "My friend Bill O'Reilly is completely full of shit."

Exactly one month before the US presidential election, Stewart – the liberal host of the Daily Show on Comedy Central – and O'Reilly, Fox News's star rightwing blowhard, faced off behind two star-spangled podiums in Washington in what was billed as "O'Reilly v Stewart 2012: the Rumble in the Air-Conditioned Auditorium."

In a 90-minute spoof of the presidential debate format, Stewart and O'Reilly sparred over the same political issues they discuss on each others' shows – except this time, 5'7" Stewart had a motorised platform to reach – and occasionally tower above – his 6'4" opponent.

The first hour of the debate was divided into five, 12-minute segments moderated by CNN contributor ED Hill, who asked O'Reilly and Stewart about the economy, the Middle East and media bias.

Responding to Stewart's uncompromising opening remarks, the audience erupted into raucous applause, making clear their allegiance early on. "I have come here tonight to plead to the mayor of Bullshit Mountain," said Stewart, deploying the descriptor that he uses for Fox News on his Comedy Central show.

The economic discussion focused on O'Reilly and Stewart's disagreement on government spending. O'Reilly said he thought too much money was given to "slackers" who "mooch" off the government through welfare and other subsidies, though he supports social security. Stewart took issue with O'Reilly's determinations of what things are acceptable to be subsidised by the government.

"Why is it if you take advantage of a tax break as a corporation you're a smart businessman, but if you take advantage of a tax break as a person you're a moocher?" Stewart said.

In their discussion about the Middle East, the pair addressed the US embassy attacks, which became muddled when Stewart asked about the deadly consulate attack in Libya and O'Reilly responded by talking about the Egyptian embassy. O'Reilly then addressed the Benghazi attack and said he believed Obama had portrayed a weak image in foreign policy.

"You tell them: 'you attack our embassy one more time we're cutting off all our aid and pulling everyone outta there," O'Reilly said. This comment earned loud applause from the audience, proving a sizable contingent of O'Reilly supporters were in attendance.

One of the few moments of agreement came when Stewart said the US was only as strong as its weakest members. O'Reilly declared himself offended by that statement but rounded his dissenting statements out with a joke and said: "We are only as a good as CNN?" Stewart laughed in agreement.

O'Reilly and Stewart traded their podiums for upholstered white chairs in the lightning round of the debate and answered preselected questions submitted online and from the audience. Topics included the New York soda ban, the "war on Christmas" and the electoral college.

Their responses were both serious and silly; when asked what American they would select for president O'Reilly chose Clint Eastwood. His response prompted Stewart to get out of his seat and talk to his now empty chair as Eastwood did to 'Invisible Obama' at the Republican National Convention in August.

For the penultimate question of the debate, Hill asked what the most valuable thing they each received from hearing the other person's point of view. Stewart said: "I have learned that bullshit mountain is tall, bullshit mountain is wide, and it's deep."

O'Reilly said: "That I know I'm right."