Bill O'Reilly apologized for calling liberal commentator Alan Colmes a liar on his show. The on-air apology came on Thursay, the day after he lashed out against Colmes during a discussion over Obama's spending cuts. During the heated discussion, O'Reilly slammed his fist on the table and said to Colmes, "You are lying."

O'Reilly apologized for the heated exchange, saying: "Lots of folks talking about my shootout with Alan Colmes last night where I asked him what specific budget cuts President Obama has proposed. Colmes hemmed and hawed saying the president's promising to cut Medicare or something. But the truth is Mr. Obama has not put forth any specific federal spending cuts. It's all a bunch of general nonsense and so Colmes and I got into it. Even though I'm sorry I said Alan was lying -- I should not have used that word -- I'm glad the exposition occurred."

He also spoke about the rising national debt. "The president of the United States is not looking out for the country right now. He is hell-bent on destroying the Republican Party and he does not seem to care if the nation collapses as a result."

Despite the apology, O'Reilly got into a similar argument that day with Kirsten Powers, a Fox News analyst who supported Colmes' statements on his show earlier in the week. Powers told O'Reilly, "You need to admit you are wrong." She continued, "You are wrong about this and now you're playing a game."

O'Reilly shot back saying, "This is where you and I will never agree."

Clearly disagreeing, Powers equally retorted: "Because I use facts?"