• By Bill O'Reilly

    Tonight's foreign policy debate in Boca Raton will once again feature two very different philosophies.

    President Obama won the election last time by repudiating American power as the big stick in the world. Mr. Obama believes that the foreign policy decisions made by the Bush-Cheney administration hurt America because they alienated many countries that could have helped us.

    Barack Obama was a fierce opponent of the Iraq war and in 2008 presented himself to the world as a man who would seek consensus rather than a president who would do whatever the heck he wanted to do. That foreign policy appealed to many Americans who were tired of seeing complicated situations like Iraq and Afghanistan drag on and on and on.

    Mr. Obama also went out of his way to tell the world that the USA would no longer take the lead in world controversies. Instead we would work with other nations to solve problems. And we saw that in Libya as NATO led the way in opposing Gadhafi.

    But now many, including Governor Romney, believe that President Obama's foreign policy has weakened America and emboldened our enemies. Romney says that Iran, Egypt, the Taliban and others no longer fear us therefore Americans are in far greater danger than they were when President Bush was in power. In short, Governor Romney believes in the big stick when necessary.

    That is the crux of tonight's debate. Whether America is in an exceptional country that has a moral right to lead the world, or whether we are a country no more entitled than anyone else.

    Mr. Romney has a huge advantage tonight because of the Libya business. I don't know about you but I am sick and tired of hearing about it. President Obama owes the American people, we the people, a press conference. He owes it to us to explain what the hell happened over there and why security was not what it should have been.

    At this point, I don't want to hear any more excuses. I don't want to see any more finger pointing. I just want to know the facts from the President's own mouth.

    Mr. Obama is in charge of foreign policy. Again he must hold a press conference and explain the Libyan debacle. If Romney demands that tonight and doesn't get mired down in details that can't be proven, he'll win the debate.

    And it's now been a month and a half since four Americans were murdered in Libya and we the people have not been told what happened. That's not the way a free society is supposed to work.

    Finally, the debate tonight is vital for both candidates. According to the polls Governor Romney has momentum almost everywhere and if he decisively wins tonight he is likely to be the next president of the United States. President Obama knows that. So he must counter Romney and emerge as a wiser man on foreign policy. That is Mr. Obama's challenge which he will undergo in less than an hour from now.

    And that is "The Memo."

    - You can catch Bill O'Reilly's "Talking Points Memo" 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.