Stewart and Colbert changing their tone?

How they will change their tune now that things are not going well for President Obama and Democrats

This is a RUSH transcript from "The O'Reilly Factor," June 25, 2014. This copy may not be in its final form and may be updated.

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O'REILLY: All right, to the "Story" segment tonight. As you may know the Comedy Central channel makes a living out of mocking Republicans and conservatives. The two main guys over there. Stewart and Colbert design their programs to appeal to young liberals. That's their core audience. But now that things are not going real well for the Obama administration and the Democratic Party. The question becomes will these guys change?

(BEGIN VIDEO CLIP)

HILLARY CLINTON: We came out of the White House not only dead broke, but in debt.

STEWART: I still get emotional just thinking about it.

(LAUGHTER)

(APPLAUSE)

STEWART: Well played, Mrs. Clinton. But if I know Joe Biden you just brought $100 bill to a loose change fight.

(LAUGHTER)

(BEGIN VIDEO CLIP)

JOE BIDEN, U.S. VICE PRESIDENT: He is vice President of the United States of America. He makes notwithstanding - the poorest man in Congress.

STEWART: How poor is Biden? Can't even afford a first person pronoun, that's how poor he is.

(LAUGHTER)

(END VIDEO CLIP)

O'REILLY: Joining us now from Washington "Media Buzz" folks, Lauren Ashburn and Howard Kurtz. The show airs on FNC Sunday mornings at 11. Howard, here is the problem with these guys. They prop up the Democratic Party and the liberal line, President Obama, by denigrating their opposition. The Republican Party conservative people. That's what they do, and that's how they function on a daily basis over there. Does it get more difficult to do that when the president and the Party, the Democratic Party are descending in the court of public opinion?

HOWARD KURTZ, HOST OF "MEDIA BUZZ": It's already gotten a lot more difficult, Bill, Jon Stewart's peak of influence was really when Iraq was out of control during the Bush administration, now that Iraq is in chaos, and he's getting to beat up on Dick Cheney again. But neither of these guys goes very hard after President Obama. Their humor is very gentle when it happens. And that kind of has taken them out of the Z-coast (ph). --

LAUREN ASHBURN, MEDIA ANALYST FOR "MEDIA BUZZ": I'm not sure about that, Howie.

O'REILLY: Go ahead. Go ahead, Lauren.

ASHBURN: Yeah, thank you, Bill. That, you know, I don't think you are quite right there. Look at all the scandals that have happened under the Obama administration. You have the IRS scandal, the VA scandal, Iraq in chaos and let's not forget about Obamacare. And they went really hard on Obama.

KURTZ: Really hard?

ASHBURN: About that.

O'REILLY: Not - Lauren, I mean maybe you are watching the closed circuit broadcast .

(LAUGHTER)

O'REILLY: That's because they do edit those programs or maybe they have a pipeline into you.

ASHBURN: Don't you remember that?

O'REILLY: No, they .

ASHBURN: Don't you remember? They went after him saying, or everybody .

O'REILLY: Colbert very rarely does. Stewart, I have to say, as we just saw, will poke, will poke. But their core audience, Lauren, surely you understand that, are liberal Democrats under 40.

ASHBURN: Of course they are.

O'REILLY: Those are the people that - they smoke a little pot, OK.

(LAUGHTER)

KURTZ: I knew it!

O'REILLY: They drink a little wine.

(CROSSTALK)

ASHBURN: They still .

O'REILLY: At 11:00 they are a little mellow and they put him out. That's what happens!

ASHBURN: In the ratings, Bill. It doesn't matter if they smoke pot, they still count in the ratings.

O'REILLY: There isn't an asterisk saying, you know, the people in San Francisco were inebriated when watching. I understand that. But that - the point is that that's their core. And the core wants to hear that O'Reilly and other traditionalists and all the Republican politicians are bad, Howard. And if they don't hear that they may not watch.

KURTZ: First of all, Lauren, you should throw Colbert under the bus, because he took something you said about Hillary Clinton becoming a grandmother and took it out of context and made you look like a conspiracy theorist.

ASHBURN: Well, I showed him.

KURTZ: Yeah, you did. You punched back.

(LAUGHTER)

KURTZ: But I'll tell you, when I watched them try to do, for example the IRS scandal bill the other night on "The Daily Show," Jon Stewart was going on and on about how incompetent the IRS was. But nothing about a cover up, they glossed over President Obama's role. And I just think when you take half the targets off the field because you are right, they love -- neither of them disguises the fact that they lean left and they love to beat up on Fox News, on Republicans, on conservative targets. You are just a little bit out of step because the story right now is the Obama administration.

O'REILLY: I'm going to give Lauren the last word. But listen, Lauren, here is the reality of the situation. If you don't please your core audience, you lose some of it, all right? And that's the fact. So, they are going to have a harder time pleasing them with the disintegration of the liberal establishment. Last word.

ASHBURN: But they are pleasing their young audience by attacking conservatives who are attacking the Obama administration.

O'REILLY: But it sounds hollow. I mean, you know, come on.

ASHBURN: But let's put it in perspective, Bill. You know, their ratings, let's talk about their ratings. They are higher than any show on CNN or MSNBC.

O'REILLY: OK, well, I'm not going to comment on that. But, we appreciate you guys coming on the program.

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