• By Bill O’Reilly

    The major issue of the presidential campaign in 2012 is not jobs. It's not Iran. It's not the jihad.

    The most important issue facing Americans is the chaos… and I mean that word "chaos"… in government spending.

    Listen to this. Fannie Mae, the government sponsored agency that provides housing loans to lower income Americans, now asking for $4.6 billion dollars more in federal aid to cover their deficit. At this point, Fannie Mae is costing the American taxpayer $100 billion dollars, yet the agency wants more.

    So let's go back to July 14th, 2008, when Congressman Barney Frank was oversight authority on Fannie Mae and Freddie Mac, said this:

    (BEGIN VIDEO CLIP)

    REP. BARNEY FRANK (D), MASSACHUSETTS: I think this is a case where Fannie and Freddie are fundamentally sound, that they are not in danger of going under, they are not the best investments these days from the long- term standpoint going back. I think they are in good shape going forward.

    They’re in the housing market. I do think their prospects going forward are very solid. And, in fact, we are going to do some things that are going to improve them.

    (END VIDEO CLIP)

    O'REILLY: Oh, sure you are, Barney. Sure you are.

    Obviously, Frank was wrong. Then he lied about it on this program and then I scolded him. We don't need to replay that again… I'm sure you remember what happened.

    Combined, Fannie Mae and Freddie Mac have received more than $150 billion dollars from the Treasury Department. But, again, it's not enough. Fannie wants more.

    And then there is another looming green disaster. You already know about Solyndra, which cost the American taxpayer about $500 million dollars. But you have heard about Abound Solar based in Colorado?

    Nearly two years ago, President Obama said this:

    (BEGIN VIDEO CLIP)

    PRESIDENT OBAMA: Today, I'm announcing that the Department of Energy is awarding nearly $2 billion dollars in conditional commitments to two solar companies. The second company is Abound Solar Manufacturing, which will manufacture advanced solar panels at two new plants, creating more than 2,000 construction jobs and 1,500 permanent jobs.

    (END VIDEO CLIP)

    O'REILLY: Well, those permanent jobs weren't so permanent. This week, Abound Solar announced it's laying off half its workforce, nearly 200 employees. Another fiscal disaster.

    American voters have to wise up and fast. This country is wasting an enormous amount of money. We owe $16 trillion dollars. That figure could rise to $20 trillion over the next few years. But little is being done to stop the madness.

    “Talking Points” has said this before… the way to stabilize federal spending is for Congress to pass the same spending level we had in 2008. Obviously, you have to exempt Medicare because of the expenses. But, otherwise, it's doable.

    But, no, Congress and the President are actually increasing government spending this year.

    Hear me well. Deficit spending is the major issue facing the nation now. And President Obama is not confronting it. The Democratic Party is not doing anything about it. And the Republican Party is not selling the urgency of the situation.

    But, because “Talking Points” is looking out for you, I am.

    And that's “The Memo”.

    Pinheads & Patriots.

    Forty-three-year-old conservative blogger Andrew Breitbart died today in California, leaving a wife and four young children. It appears that Mr. Breitbart might have had a heart attack. He and his family are, of course, in our prayers.

    I just saw Mr. Breitbart last week in Los Angeles. We had a brief conversation. I didn't know him very well. But he was a force in conservative politics and seemed to be very sincere in his beliefs. And he loved his country. I know that. Andrew Breitbart was a patriot.

    — You can catch Bill O'Reilly's "Talking Points Memo" and "Pinheads & Patriots" weeknights at 8 and 11 p.m. ET on the Fox News Channel and any time on foxnews.com/oreilly. Send your comments to: oreilly@foxnews.com.