Play of the Day -- The Newsweek cover's ramifications

Letterman and Leno joke about the magazine's portrayal of the president.

David Letterman of The Late Show and Jay Leno of The Tonight Show poked fun at the latest Newsweek cover which portrays President Obama as the first gay president, while everyone found the humor in the candidates' commencement addresses over the weekend.

Today's Must See Moment -- Fast forward to 1:21 to see some hilarious pranks Mitt Romney has pulled throughout the years.

NEXT STORY: Lugar’s Downfall