To watch "The Talking Points Memo" in the Screening Room click here.

Hi, I'm Bill O'Reilly.  Thanks for watching us tonight.

President Bush slides in the polls, but some Democrats are actually helping his cause.  That is the subject of this evening's Talking Points Memo.  All the polls say the same thing.  Mr. Bush's job approval rating is falling fast.  The polls also say most Americans don't really care about the nuclear Iraq/African controversy that the media is pounding day after day.

The Democratic National Committee (search) is also trying to sell the lie scenario. 

(BEGIN VIDEO CLIP)

GEORGE W. BUSH, PRESIDENT OF THE UNITED STATES:  Saddam Hussein recently sought significant quantities of uranium from Africa. 

(END VIDEO CLIP)

O'REILLY:  Well, but that's completely bogus.  Most moderate Democrats don't even believe the DNC's ad. 

(BEGIN VIDEO CLIP)

SEN. EVAN BAYH (D), INDIANA:  I don't think the president of the United States intentionally lied to the American people. 

SEN. JOSEPH LIEBERMAN (D), CONNECTICUT:  I have no doubt that Saddam Hussein had weapons of mass destruction. 

SEN. JOHN EDWARDS (D), NORTH CAROLINA:  My view is we ought to tap down all the emotional response to this and in a serious way try to determine whether there's a problem in our intelligence gathering, and whether any of that information was not accurate. 

(END VIDEO CLIP)

O'REILLY:  All right.  By running wild with unproven allegations of lying, the left wing of the Democratic party is actually helping President Bush, as I said.  Americans know political vitriol when they see it.  And they're seeing it in these ads, which may even be making Mr. Bush sympathetic to non ideologues.

Also, split Democratic party will find it very difficult to defeat an incumbent president.

Now on the Republican side, isn't there anyone who realizes that Mr.  Bush must begin to confront his problems?  There's no question the administration underestimated the post-war violence in Iraq.  That's Mr. Bush's big thorn, the daily killings of American soldiers.  He's got to convince the public that he's working on a solution to that brutal situation.

New Time magazine/CNN poll says 52 percent of Americans have currently have doubts about Mr. Bush's trustworthiness.  As we said last week, that's because the president is letting the media run wild with speculation.  The president should be all over radio and TV giving his side of the story and outlining his vision for the future.

It's ironic that the loony left is helping Mr. Bush by driving this deception deal into the ground.  But at the same time, if the Bush administration allows the ideologues to go unchallenged, the bad news for him will continue. 

And that's The Memo.

The Most Ridiculous Item of the Day

Time now for "The Most Ridiculous Item of the Day"...

This coming Wednesday, July 23, there will be a Factor convention, of sorts, in more than 100 cities across the country.  It's free and designed to let Factor viewers and listeners get to know each other.  I hope it's fun.  The feedback will help us program the programs.

[The Web site] billoreilly.com has all the details.  Or you can go there -- you can go there directly or access it through our Web site, The Factor Web site, www.foxnews.com/oreilly, OK?

So the Factor convention is coming up Wednesday.  We'll give you a report on Thursday about it.  And that's ridiculous -- only if you work for the competition.

--You can watch Bill O'Reilly's Talking Points Memo and "Most Ridiculous Item" weeknights at 8 & 11p.m. ET on the Fox News Channel. Send your comments to: oreilly@foxnews.com