All The Way is directed by Bill Rauch, who staged the premiere of the play in 2012 at the Oregon Shakespeare Festival, where he serves as artistic director. The play arrived on Broadway Feb. 10 following an extended run at the American Repertory Theater last fall.
"It's all about the writing and the character," Cranston said. "This character is Shakesperean. He's like King Lear. He's huge."
"He's President Lear," Colbert chimed in. Cranston agreed, saying, "He's like the Godzilla of presidents." (Cranston will star in the film "Godzilla," which is scheduled for release May 16.)
Cranston also discussed the range of characters he has played, including Hal on "Malcolm in the Middle" and Walter White on "Breaking Bad."
"Was there any temptation to put a little Walter White in this play?" Colbert asked, to which Cranston responded, "God, I hope not."
Watch the interview below.