This is a rush transcript from "The O'Reilly Factor," February 12, 2009. This copy may not be in its final form and may be updated.

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BILL O'REILLY, HOST: In the "Week in Review" from the "Ingraham Angle" segment tonight: There are just three Republicans on Capitol Hill supporting President Obama's stimulus bill: Senators Arlen Specter, Olympia Snow and Susan Collins. A few days ago, Senator Specter showed up on Laura's syndicated radio show.

(BEGIN AUDIO CLIP)

LAURA INGRAHAM, RADIO TALK SHOW HOST: Is it nice to be wined and dined at the White House? You are treated pretty well when you are a Republican bucking other Republicans.

SEN. ARLEN SPECTER, R-PENN.: Let's get off it, Laura. I'm not drinking any wine at the White House and I don't dine at the White House. If the president wants to talk to me, I talk to him and I make my own independent judgments. Don't give me the wine and dine bologna, young lady.

(END AUDIO CLIP)

O'REILLY: Wow. Joining us now from Washington is FOX News analyst Laura Ingraham. I would never call you young lady because I would be accused of being a sexist. We'll get to that.

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INGRAHAM: Bring it on. I love it. Come on. At my age, I love it.

O'REILLY: I had him on "The Radio Factor" today, and I didn't go after him the way that you did. But I did want to know, you know, why he was breaking ranks with the GOP and his basic — and I think he is a sincere guy, Specter. I don't think he is a phony. His basic thing was he is scared. He is scared. That's what it came down to.

INGRAHAM: That's great leadership. Act out of fear.

O'REILLY: That's what Bush did too, Laura, and you liked President Bush.

INGRAHAM: Which is part of the reason why we are in this mess, Bill. This is what happens when you are one of the Republicans who is sticking it in the face of fiscal conservatism. You get invited to the White House Super Bowl party. He was the only Republican there, Bill. I brought that up at the end of my interview where I went substantive with him point after point. How is this thing growing jobs? How do you even claim that this is going to be — have any stimulative effect to the economy? And we went to the last question because I think it's important. I think it's important that the charm offensive is being used by the White House and to some effect with three Republicans at least.

O'REILLY: Do you think he sold out? Do you think Specter sold out for a Super Bowl party?

INGRAHAM: My point is, you are popular, you're the most popular person in the mainstream media for a day or for a week and it's very, very seductive, Bill. There are a lot of people seduced by power and by popularity in Washington, D.C.

O'REILLY: He is a crusty guy, Specter, the ex-prosecutor and all of that — look, because I had him on my show, and you had him on your show, I really want to know…

INGRAHAM: Yeah.

O'REILLY: Do you think that Arlen Specter sold out for headlines and a Super Bowl party?

INGRAHAM: Yes. I think he sold out the country, Bill. And while he did that, he had no problem hanging out and watching the Super Bowl with President Obama. Why do you think President Obama invited him to the Super Bowl party? Just because he picked his name out of a hat? He invited him there for a reason.

O'REILLY: Because the Steelers were in the game maybe. Come on…

INGRAHAM: Come on. Rick Santorum wasn't invited.

O'REILLY: I'm going to disagree with you and say I think Specter voted his conscience. I don't know. You might be right.

INGRAHAM: Bill, Bill, why would Specter claim well, I'm all for — I was for John McCain's plan, but I had to do what was right for the country. If you are for John McCain's plan…

O'REILLY: He is scared.

INGRAHAM: …then do what John McCain did: Vote against this travesty.

O'REILLY: He is scared this whole thing is going to collapse and fast. That's what he said.

INGRAHAM: Bill, Bill, you can think that Arlen Specter is voting his conscience. I don't know what he is doing. But what I would prefer is for Arlen Specter just to say, look, I'm a liberal Republican. I think my state's liberal, and I'm just going to go along with what Obama says. When he says the sky is falling that's what I'm going to do.

O'REILLY: I'm going to give him the benefit of the doubt. Now he called you young lady. Now, you know me, I'm a sexist and an ageist…

INGRAHAM: Patronizing.

O'REILLY: So with Helen Thomas and the feminist groups after me now and all of that, did you get contacted by the feminist groups? Are they demanding that Senator Specter apologize to you for calling you young lady?

INGRAHAM: Silly question. Of course they didn't, and I wouldn't care if they did or not. I was flattered by the young lady. It doesn't bother me one bit. It goes right off my back. Bill, I need to take issue with you on — I think you called Helen Thomas, you made — you were joking but you said he she was the wicked witch of the East.

O'REILLY: No, I didn't. I said her voice is like the wicked witch.

INGRAHAM: I've got to stand up for Helen Thomas. The Wicked Witch of the East was killed by Dorothy's house. Remember it fell on her body?

O'REILLY: She lives in D.C. That's why I had to do that.

INGRAHAM: The Wicked Witch of the West was the one who melted with the water. Get your "Wizard of Oz" Culture Quiz points right.

O'REILLY: According to the "Ingraham Angle," I insulted the good witch.

INGRAHAM: Yes. Come on. You have got to get your witches right.

O'REILLY: The witch people are going to get me.

INGRAHAM: Bill, here is the deal. Helen Thomas is never taken to the mat for calling them so-called terrorists, Al Qaeda, so-called terrorists. She said the most hateful things about the Bush administration over the years. That's what she does and she is never called to the carpet on it.

O'REILLY: You are not mad at me?

INGRAHAM: Bill, Bill, again, if you want to play in the big league, then you better be willing to — it's going to get rough at times. You know, I think I have called her worse on my radio show. It's heavy-handed and sometimes I slap myself, but come on, I get called a lot worse.

O'REILLY: I think Senator Specter should apologize for calling you a young lady.

INGRAHAM: No. I want it. Keep it coming. Keep it coming. No problem.

O'REILLY: All right, Laura. Thanks very much.

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