Talking Points

Bill O'Reilly: The president and the Democrats weigh in on the budget chaos

Talking Points 3/13


By Bill O'Reilly

For the first time in four years, the Senate has put forth a budget proposal. It's impossible to explain so I won't even try. But I can give you some specific data from it.

The first thing is President Obama and the Democratic Party claim they're cutting almost $3 trillion out of the deficit. But what they don't tell you is that is over a 10-year period.


OBAMA: I think what's important to recognize is that we've already cut $2.5 trillion -- $2.7 trillion out of the deficit if the sequester stays in you've got over $3.5 trillion of deficit reduction already. And so we don't have an immediate crisis in terms of debt. In fact, for the next 10 years, it's going to be in a sustainable place.


O'REILLY: Wow. With all due respect few economists agree with the President that a debt heading toward $20 trillion is quote, "sustainable". And in fact, there have been no real cuts. Democrats are just slowing down the rate of spending. Not eliminating or reforming wasteful programs.

But the sad fact is that Barack Obama is not going to change his opinion, no matter how much data is presented. He believes the massive federal debt will not harm the country, period. And so he operates under that assumption and says this.


OBAMA: My goal is not to chase a balanced budget just for the sake of balance. My goal is how do we grow the economy, put people back to work and if we do that, we're going to be bringing in more revenue, if we have controlled spending and we've got a smart entitlement package, then potentially what you have is balance --


O'REILLY: Potentially. The president thinks he can get the federal budget under control, potentially. But listen to this. The Democratic budget calls for $1 trillion in tax increases over the next 10 years. How are you going to grow an economy with that? And every working American is going to pay some of those taxes.

So let me ask you, let me ask you this. Are you not already paying taxes through the roof? I am. Property tax, sales tax, gas tax, state tax, city of New York tax, federal income tax and almost everything I do in my leisure time, rental cars, hotels, planes, all taxed as well. And the Democrats want to add another $1 trillion in taxes?

So we're quickly becoming Sweden, which has the highest tax rate in Europe. U.S. corporate tax is already the highest in the world, already! And there is no doubt President Obama wants to raise them even further. So again, is this a sound economic policy? Is this going to grow the economy in the USA? Is it?

Finally, the president and the Democratic Party have failed to tell the American people exactly what programs they will cut in the future, if anymore. Once again, there is no specific entitlement reform put forth by the president. This is really irresponsible. Is it not?

And that's "The Memo."