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Talking Points

Bill O'Reilly: Can somebody please lend my country another trillion?

By Bill O'Reilly

Today in Virginia, President Obama unveiled his new budget, calls for $1.3 trillion in deficit spending. The Feds simply do not have the money. They have to borrow it. If the budget is pass that would raise the U.S. debt to more than $16 trillion about $5 trillion of that accumulated on President Obama's watch.

Now, think about this. Financial ruin comes from spending more money than you have. Yet President Obama continues to do that, opining that he'll eventually decrease deficit spending by taxing the rich. That is a myth. Spending is so far out of control you can't even dent the debt we have by raising taxes on the affluent. Unfortunately, many Americans don't even care about this vital issue.

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O'REILLY: Look, the facts are the facts. The debt is going to -- expand to $16 trillion pretty soon is the nation's biggest problem and he just won't grapple with it. He just won't.

BOB BECKEL, FOX NEWS HOST: Yes but you -- you argue this -- I mean, I would argue (INAUDIBLE) long discussion. I don't think the debt matters but leaving that aside --

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O'REILLY: You don't think $16 trillion in debt matters?

BECKEL: No. Not at all.

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O'REILLY: Not at all. President Obama knows millions of Americans think like Mr. Beckel. The debt to them is a phantom, it has no consequences. To those folks I point to Greece.

Over the weekend, protesters throughout that troubled country try to destroy it, why? Because the Greek government is cutting entitlements to save itself from default. There will a 22 percent cut in the Greek minimum wage and 150,000 government layoffs. Incredibly, almost 25 percent of the entire Greek workforce works for the government; paid for by the government. That's why the country is bankrupt. They can't afford the pensions, health care benefits and salaries it owes the public workers.

My pal Glenn Beck thinks Americans will soon start rioting in the streets because of economic issues. Beck is coming up shortly.

"Talking Points" believes the American economic machine is still strong, unlike Greece. But there is no question President Obama's big spending policies are putting our currency, the dollar, at grave risk. If the dollar collapses, all of our personal assets, money in the bank, investments, housing, all of that is going to be put in jeopardy.

Again, I go back to the facts. America will soon owe more than $16 trillion. Mr. Obama is not making drastic spending cuts. Does that sound like a good policy to you?

And that's "The Memo."

Pinheads & Patriots.

One America's great pop groups, the Beach Boys, are celebrating their 50th anniversary this year. They were honored at the Grammys last night.

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O'REILLY: Stuff holds up for putting up great uplifting music for over five decades. They have been entertaining millions all over the world in concerts. The Beach Boys are a patriots and an American icon.