SNL had some fun with the news that Mr Trump's former national security adviser Michael Flynn pleaded guilty to lying to the FBI as part of the federal investigation into Russian interference in the 2016 presidential election.
Kate McKinnon made two appearances in the cold open, first as Kellyanne Conway and again as Clinton.
Inspired by the classic holiday story about Ebeneezer Scrooge, Donald Trump is visited by several spirits with familiar faces.
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Then the ghost of "Billy Bush" (played by Alex Moffat) who gets to slam Matt Lauer.
Bush's biting quip refers to the termination of NBC newsman and longtime Today show host Matt Lauer, who was sacked earlier this week for alleged "inappropriate workplace behavior" and was subsequently accused by numerous women of sexual harassment and sexual misconduct.
"I meant someone American", Baldwin explained, referring to Trump's false narrative about former President Barack Obama having a fake birth certificate.
Later a shirtless Vladimir Putin (Beck Bennett). If you worked at NBC right now you would be fired, fired, fired. Baldwin's Trump wants to instead think back on all the good he's done over the year. "Listen, we put a lot of work into you, a lot of time and money, and you're about to mess it all up", Bennett's Putin said.
The show opening skit ends with Clinton telling Trump, "You, Donald, have given me the greatest Christmas gift of all - sexual gratification in the form of your slow demise".
Then, the "ghost" of "Vladimir Putin" (Beck Bennett) appears, and finally, the ideal "ghost" comes to say "Lock him up!"