I got to this via James Taranto, who calls this a "homophobic line of attack":
It is unimaginable that a mainstream network would give this sort of treatment to, say, Barney Frank or John Edwards. We're not going to feign outrage again; the truth is that we find this all sort of amusing. But it is a reminder of just what a sham left-wing political correctness is. People who claim to oppose "homophobia" or other forms of prejudice often turn out merely to want a monopoly on it.I guess he sort of has a point. But it seems to me Mo Rocca is mostly making fun of himself. Also he says nothing about homosexuality, and other political figure with a lisp he refers to is Winston Churchill — who, like Giuliani, is quite macho.