This is a RUSH transcript from "The O'Reilly Factor," June 21, 2012. This copy may not be in its final form and may be updated.

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O'REILLY: And in the "Impact Segment" tonight, as we stated President Obama's power is at its lowest ebb right now? The question is he finished? Will he lose the election in November?

Joining us from Dallas to handicap the situation our pal Glenn Beck the author of the big, big, big new best seller "Cowards".

All right. You heard Laura Ingraham and I were talking about we don't think the folks have caught up with the story yet but it's going to get bigger next week with the full house vote on contempt with Holder. The Supreme Court coming in on Obama care and that could be the President's worst week ever starting on Monday and you say?

GLENN BECK, RADIO TALK SHOW HOST: And that's saying something. He has had some really bad weeks, especially lately. I think this is the arrogance of this administration coming home to roost as -- as Jeremiah Wright would like to say.

The American people -- I happen to agree with, Laura -- the American people have not connected with this yet. But I agree with you, Bill, they will. And when they start to -- there is real trouble for the President.

I think he is at his highest -- if everything remains stable, you know, he controls a few things that are out of everybody else's hands; the calendar pretty much until lately the -- the media and he can -- he can move at his own pace. He controls the military. He controls the events around the world or how he reacts to them in many cases. Which could dramatically change this election.

But this is really going to hurt him I think because people are tired of -- they are tired of the partisanship which I think he's banking on. That oh, look the Republicans are just going after. But once people really see the story of Holder and they know what this is about, they are not going to like this. They are not going to like this at all.

O'REILLY: No and the Obama care I think could be huge because that is really his signature achievement. If he doesn't have that, what has he done in three and a half years? If you take Obama care out --

BECK: Spent a lot of money.

O'REILLY: He got bin Laden, you got to give him that. The drone thing has -- has caused chaos in al Qaeda. You have got to give him that. But what else -- what else can we point to? So he does have a big thing coming up.

Now there was a horrendous situation that Beck has been talking about on his radio program in Rochester, New York, outside of Rochester, a 68- year-old woman who's bus monitor. That means she rides on the bus to make sure kids don't get hurt. 68 years old Karen Klein is taunted by four 13- year-olds, roll the tape.

(BEGIN VIDEO CLIP)

UNIDENTIFIED FEMALE: Man you're fat.

UNIDENTIFIED MALE: You're so fat. You take up the whole entire seat.

UNIDENTIFIED MALE: Oh now, oh my God you're glasses are foggy from your freaking sweat you fat (EXPLETIVE DELETED). If I stabbed you in the stomach if (EXPLETIVE DELETED) --

UNIDENTIFIED FEMALE: Unless you have something nice to say don't say anything at all.

UNIDENTIFIED FEMALE: How about you shut your (EXPLETIVE DELETED)

UNIDENTIFIED FEMALE: Karen are you sweating? Karen, Karen are sweating?

UNIDENTIFIED FEMALE: No.

UNIDENTIFIED MALE: There you see your sweating? Then why is there water on your face?

UNIDENTIFIED FEMALE: I'm crying.

(END VIDEO CLIP)

O'REILLY: All right. The authorities at the school it's the Athena Middle School.

BECK: Middle school.

O'REILLY: Say they're going to take action against the children the four 13-year-olds.

BECK: No they're not.

O'REILLY: And Beck says they're not. Go.

BECK: They're not -- they're not going to. They're -- school is done. These kids know that they have gotten away with it. You know it was my Web site the Blaze.com that broke this story nationally yesterday and released this tape and -- and you know there's -- there's a couple of things that are fascinating to me on this story.

First of all, these kids are dead inside. This is a 68-year-old woman. They talked about how her family doesn't love her and so her family just kills themselves. Well, she had a son commit suicide. She is a widow. I mean, it's -- it's horrible. She was crying at one point.

These kids are absolutely dead inside and one of the parents said "Well, you know, my kid he was just -- he was just brought along with the other kids. He wasn't really that bad."

The other parent said "Well, they've learned their lesson. They sure have learned their lesson." Have they? Have they, Bill? I dare to say your parents and my parents would have had us raking the leaves of this woman's yard every fall, mowing her lawn every summer for free. We would have been busting our butt. We wouldn't have had anything, anything, our parents --

(CROSSTALK)

O'REILLY: Well let me read a quote from Robert Helms, the father of one of the boys. He said that "It broke his heart to see that his son was involved with this." So he is not making excuses for the kid. But he says, quote, "He's a 13-year-old kid. It was a stupid mistake and he's paying for it but I just think it's a little out of control."

(CROSSTALK)

BECK: I don't think it's out of control.

O'REILLY: He's obviously -- you don't think so.