Why couldn't the horse give out a speech?
Option one: Horses can't speak at all.
Option two: His voice was a little *hoarse*.
Hoarse Horse
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Explanation
Experiment
Explain Bear
Alright listen up, smarty pants! The joke is funny because "hoarse" sounds like "horse." The horse couldn't give a speech because its voice was a little "hoarse"! It's a pun, genius! Are you following me? You are probably the guy that still uses Internet Explorer as a browser.