This is a rush transcript from "Glenn Beck," October 18, 2010. This copy may not be in its final form and may be updated.

GLENN BECK, HOST: Hello, America.

I want to start with a couple of dates tonight. First one, top of the board: April 15th. Yes. I know you love it! It's a special day. It's Tax Day. Don't you feel so charitable on April 15th? No.

It's not only Tax Day but it's also the deadline for Congress to complete action on their budget resolutions 0every year. Now, typical of government, they've only hit the deadline once in 36 years. But at least they reached a resolution. Yes.

Here we are at the end of the fiscal year, approaching the end of the year and we don't have a budget. Budget-shmudget, that's so — well, that's the politics of the past.

This is the first time since a major 1974 budget process overhaul that neither chamber has even voted on a budget resolution. Before 1974, there was no formal budget process. But — then we started to grow the government — rapidly. It was rapidly expanding in size. And Nixon said, I'm not going to spend this money. Yes.

So then Congress got together to pass the Congressional Budget Act of 1974.

Yes, are you sleeping yet? Hang on, it gets better.

Our Congress has blown off this date of April 15th — they're like, whatever. Now, why would you do that? Is there anything more important than a budget? I mean, I think we got a problem with the budget. We can't seem to spend less than we have.

A financial advisor might tell — you know, might tell some oil sheikh from Qatar or, what's his name, from Microsoft, say don't worry about it. You're Bill Gates. You don't need a budget. But I'm pretty sure they'd recommend one for, you know, you, me and the country.

So, why wouldn't we pass one? Is it just really difficult because the numbers hurt their heads? Or is there another reason?

Let me give you a couple more dates: November 2nd. Now, you might have heard of that date. There is an election or something going on that day.

So, wait a minute — a big bloated-out-of control budget might be unpopular. Hey, when was the budget moved back? Oh, it's up here. Yes.

The budget process has gone from here, we just push it back and say, OK, we'll get to that in December. It's almost like somebody wanted to leapfrog over this one because they don't want to be on record endorsing the coming bloated, out-of-control nightmare budget and likely a massive budget deficit.

I'm sure it's just a coincidence. Those are completely — am I being cynical again?

Let me give you the next date: December 31st. You remember. Congress failed to come to an agreement about what the — what they should do on the Bush tax cuts. Democrats had control. Yes. They could make permanent the current tax code or they could change it. GOP doesn't have the power to stop it. No. No.

Oh, Democrats are: What to do? We've got to think about that one some more. Hmm. Should we have the Bush tax cuts just expire at the end of the year? No. Only a spineless weasel would do that. Yes. Or would we want to raise taxes? No, only someone with a spine would do that.

Hey, I got a better idea. You know, one of the problems here is our next date. Congress is adjourned until middle of November — November 15th.

So, November 15th, then we have Thanksgiving and then the Jewish and Christian holidays. It's going to be great. They have five working days before Thanksgiving. And you know what it's like after you get off a big vacation. And then they have a vacation again. And then they come back on November 29th. And then they got a handful of working days until the end of the year.

And then they got to do their Christmas shopping, too.

I mean, how are they going to do the budget and the Bush tax cuts? Because that one has a lot of thinking — think, think, think, think, think.

They're not going to think. The lame ducks will let the Bush tax cuts expire. You know why?

What? Did that expire? Oh, I was against that! I couldn't do it, it was just me. I have couldn't do anything about it.

Spineless weasels appear again.

The largest tax hikes in the history of the United States of America are coming to a wallet near you. That will pummel an already suffering American economy.

So, there's just a few things colliding after the elections. Right around the New Year, surprise! You can open this package to see that perfect storm coming right at you.

By the way, let's add one more thing to it, shall we? The debt ceiling. I love this.

The president and this administration knew they were going to be forced to raise the debt ceiling because of all the money they planned on spending. What is the debt ceiling, you might ask? Well, that's kind of a law that says you don't have any more money and you can't spend anymore, but once in a while, you know, what are laws if they're not meant to be bent or broken?

This is how it works. The debt ceiling — let's say you and your wife are going to Vegas and your wife is like, "Honey, I don't think this is a good idea. We're really broke."

And, you're like, "Honey, we're only going to spend $100, OK? What if we win?" She's like, "We never win. They wouldn't have big huge buildings with all the lights and the tables and all the people. And we wouldn't be living in the house if we were going to win. You know what I mean?"

Yes.

Well, you get there and you see all the flashing lights and somehow or another, you say, OK, only $100. And she's like, OK. But then you get there, you — in the time it took you to drive, there you convince your wife to raise your gambling limit — your debt ceiling — to $500.

Now, she's a little worried, so she decides to go to the bar and get a drink — not an alcoholic one because your wife is a smart one in the family and she knows somebody has got to stay sober!

Well, when she gets back, you've already burned through the $500. And she's like, "What?" And you tell her, "Don't worry, honey, we just raise the gambling limit to $1,000 and we'll make it all back! It's going to be great." She is sober. She knows it's wrong, but she's like, OK.

Well, this keeps repeating itself. Before you know it, you're $150,000 in the hole.

Republicans and Democrats are hoping that you're an alcoholic, so they can convince you to keep spending and betting.

By the way, I should point out at this point in the story, the wife is you. And you really can't say no, because if she dares to say no, you'll have to tell her, "OK, bad news, I've already kind of spent that money. See, I'm no longer really asking you. I'm just kind of telling you that we are going to spend it because we've already spent it."

Your marriage is going to work out great. And don't worry, that house will pay for itself.

Our current debt limit is $14.29 trillion. When Obama came in to office — and remember the big problem was the debt — it was $11.3 trillion. Now, we had to increase it for the stimulus, you know, he inherited this from Bush, $789 billion.

Then Democrats increased it again, just like we told you they would, around this time last year, we said that. And lo and behold — ho, ho, ho — the present we told you is coming in your Christmas stocking. They raised it by $290 billion, because once again, we got a little too close to the ceiling and it's hot up there.

But the latest one is a little more interesting. Earlier in year, we raised the debt ceiling again by $1.9 trillion. This is great.

Now, let's look at the debt clock, shall we? As we accumulate all of that beautiful debt. Look at that. Isn't that a pretty number? Oh. Can somebody not tell President Obama what comes after $1 trillion? Please?

We start to approach the debt ceiling and that brings us to another date — another date. It's not on the board. You know what it is? This one is great. The next time Congress is going to be forced to decide on the debt ceiling, it's going to be early 2011. That's great! That means the Republican Congress is going to be forced to vote on that debt ceiling.

So, what to do, what to do if you are a Republican?

Well, you can say, I'm going to be tough against it, because that husband has been lying to that wife the whole time. And they'll choose not to raise it.

Great! The whole House will collapse, the markets will freak out. It will be wonderful, wonderful. And they're going to cut back and make discretionary spending and it will come to a halt. Yes. Yes.

Oh, you think maybe the unions would start to riot here? Wouldn't it be great? We could have fires in the streets here.

OK, if you want to stop all discretionary spending, that's great and let's just take out the unions and the communists that are here just like they are in Europe and just look at this. It may mean military spending is cut as well, defense; food stamps for people who actually need food stamps. There are necessary things that we need. And there are necessary shared sacrifices. But we make those intelligently.

We need more people that are prepared because there are far too many Americans that have not heard the captain say, "Prepare for landing because this baby is going down." Oh, that's right. You can't hear that because the captain is not telling you that. They leave that to a passenger who is in like 13E. And everybody else is going, can you tell that passenger, he's freaking the kids out?

Well, guess who gets blamed for all the misery when the Republicans say they're not going to raise the debt ceiling? The GOP, the Tea Party, the obstructionists, those who were just playing power and politics as usual.

Everyone gets blamed except the actual culprits.

And even if they just threaten to not pass it, the markets will be spooked. If they choose the alternative, if they raise the debt ceiling, then they're going to be called the party that doesn't stand for anything. The tea parties will bail on them, Americans will have an even harder time selling bonds.

Oh, because there's another date coming up — bonds. Bonds are like selling mortgages or buying a mortgage. You know when you go get a mortgage to buy a house? OK. And then they make you do all that ridiculous paperwork and you're like, OK, really?

And in the old days, you know, they used that to actually prove you had a job. And that was your real name. And the house really existed. You know, those old timey ideas.

Well, the rest of the world is kind of like that with our bonds, our mortgages. So, here's what's happening. We're trying to get, let's say, China to buy our bonds. Think about our financial house and all of our paperwork. We're like, yes, my dog ate the tax receipts. Our house is a mess. And yet, we're going for granite counter tops — lots of character there. Yes.

We have perpetually high unemployment. We have out-of-control debt.
We're not serious. The rest of the world is starting to cut. We're spending more and more and more. And we have more people on the government dole more than ever before.

Well, if you are a bank, are you going to write that mortgage? Yes, not so much.

Now, I want to look at all the dates. Look at all the dates. When do the bonds come due? It starts in like March, don't they? Media Matters, this one could be wrong.

Look at the timing here. Let me bring up, since I was talking about Media Matters and MoveOn.org and the Tides Foundation, all those great guys. Let's talk about your favorite, George Soros. He's already said that the GOP avalanche can't be stopped. And in a new A.P. poll showing one-quarter of those who voted for Obama in 2008 are now defecting to the GOP, make no mistake, all the signs point to a massive power shift towards the right. They — they know. The left knows all of those dates and so does the right.

But, you know, you won't know it until the tidal wave is about to wash in our shore. It makes a cynical person say, George Soros knew all of this, right? And they know that they can direct all the rage to their political enemies, you know, which will ensure destruction of two-party system. Maybe we could have a one-party system. Yes, because if we could just eliminate all those crazy, confusing options.

The Bush tax cut cans expire at the end of the year. If they expire, and there are massive tax hikes, GOP's fault. If they're renewed, oh, well, it's the same policies that got us here in the first place. Don't raise the debt ceiling? Well, those evil Republicans want to fire teachers and firefighters. There will be no more roads! Seven hundred billion dollars, those rich, evil corporations are shorting the federal government.

I read a frightening line from a political operative and basically it was this: if the tea partiers have their way, there will be massive cuts and giant bailouts for Wall Street. That's the biggest lie I've heard. Tea parties are against the Wall Street bail-out. Hello? Are you listening? Call me.

The line after that however was critical, because remember, we're talking about the Tea Party and Republicans here. Here's the president talking about Republicans:

(BEGIN VIDEO CLIP)

PRESIDENT BARACK OBAMA: They are basically counting on you forgetting who caused the mess in the first place.

(END VIDEO CLIP)

BECK: That sounds to me like somebody is looking for someone to pin it on. And that somebody may be you — unless you're for that guy, then it's definitely not you. It's everybody else.

I made some pretty serious statements here, you know, that we are — we're set for failure. We're being set-up for failure. And here's where it always goes off the rails because people would always say, well, who would ever do that? Why would — come on, keep me in the frame.

Why would you — why would you do that? Let me tell you why they'd do it. I'll give you the answer to that — next.

— Watch "Glenn Beck" weekdays at 5 p.m. ET on Fox News Channel

Content and Programming Copyright 2010 Fox News Network, LLC. ALL RIGHTS RESERVED. Copyright 2010 Roll Call, Inc. All materials herein are protected by United States copyright law and may not be reproduced, distributed, transmitted, displayed, published or broadcast without the prior written permission of Roll Call. You may not alter or remove any trademark, copyright or other notice from copies of the content.