Fox News host Bill O’Reilly became famous all over again last week as he screamed at Fox News contributor Alan Colmes over President Obama’s position on cuts to the federal budget. O’Reilly claimed that the White House hadn’t made any specific proposals to cut a single federal program; Colmes claimed he had—Medicare, for instance.

Bill O'Reilly Bill O’Reilly (Associated Press)

That was a big thing last week.

A big thing that O’Reilly seems intent on milking for a second week. Take it from the host himself:

It’s interesting watching the anti-Fox media try to exploit the shootout I had with Alan Colmes last week. These hacks flailed around trying to diminish me and this network. To quote that great philosopher Bernard Goldberg: “spitballs at a battleship.” But the loons did bring attention to a very vital issue in America—the irresponsible spending on the part of the federal government.

The reason I got angry with Alan Colmes—and he will be on the program tomorrow—is that he refused to acknowledge President Obama’s refusal to cut federal programs. As the Wall Street Journal documented last week after the verbal shootout, there is not one program, not one that the President wants to cut. The only thing he says he might do is slow down some of the spending increases.

But the bottom line, as Alan Colmes well knows, is that the U.S. debt is heading toward $20 trillion and that could very well lead to a depression — not a recession — a depression in America.