U.S. presidential debates are a serious business, but that doesn’t mean a little humor won’t come out of them. The first two debates spawned jokes on the Internet about the popular children’s character Big Bird and the unusual phrase "Binders full of women."

The third and final debate kept the laughs coming, at least for humorists online. On Monday evening, it was “horses and bayonets” that inspired a new round of laughter.

During one exchange, Republican candidate Mitt Romney noted that the U.S. Navy has fewer ships than at any time since 1916.

President Barack Obama responded with sarcasm, saying, "Well governor, we also have fewer horses and bayonets because the nature of our military has changed. We have these things called aircraft carriers, where planes land on them."

This remark sent Twitter and other social media sites into overdrive producing wry quips. Scroll through our Storify by Jessica Stahl to check out some of the best: