Jon Stewart, who has been hinting around about it for over a week, made a momentous announcement on the Thursday episode of The Daily Show. The Comedy Central funnyman announced his Rally to Restore Sanity, which will be held at the Washington, D.C. National Mall on October 30, 2010.

Stephen Colbert, as promised, made his own announcement on The Colbert Report, which follows Stewart’s show. Colbert’s rally is, of course, the March to Keep Fear Alive. “Now is not the time to take it down a notch. Now is the time for all good men to freak out for freedom,” Colbert explained.

The National Park Service has confirmed that Colbert and Stewart submitted an application for the grounds in front of the Washington Monument for the date of the dueling rallies, though the permit is not yet finalized.

In a poll, Time magazine named Stewart “America’s most trusted newscaster” following Walter Cronkite’s 2009 death.