Yes, Rush has played the President on the two episodes that have aired. President Limbaugh and Vice President Coulter do a skit at the beginning of the show, that's it. I wish they both were featured more in the show. It's my favorite part.
The news does skits now? About the only times I turn on broadcast shows (TV, news) is when my friend is being interviewed on CNN.
Other than that, I get my news from the computer and a few radio shows.