"The President released his budget for 2012 today - it takes the federal deficit down from $1.6 trillion to $1.1 trillion and there are just $90-billion in spending cuts. Republicans, of course, say the cuts are far too small and Talking Points agrees. Here's how the enormous spending affects you: In order to pay off the interest on the $14-trillion debt - money that could be used to defend America, educate its children, build highways and other infrastructure - that money is instead sent to people who have lent to us. If the U.S. government were a business, it would have gone under a long time ago, and the solution is really a question: How much pain will we tolerate? Talking Points believes Social Security payments will have to be cut in the form of a higher retirement age. Will you support that? On the health care front, no longer can Medicare and Medicaid be doled out the way they are now. Chances are your co-payments will go up a lot. The cold truth is that America needs a drastic overhaul on what it spends money on and how many entitlements there should be. If we're all in this together, we will absorb the pain. But if we only care about ourselves, America will continue on the road towards insolvency."

The Factor dissected President Obama's proposed budget with Fox News analyst Brit Hume. "When you look at the enormity of the task," Hume said, "and the magnitude of the debt we are already in, this is a pretty tame budget. Spending has been growing very rapidly, and this budget does not propose to do anything at all about the really big items in the budget. The Republicans have yet to write their budget, and when they do we'll see if they are willing to step into these waters." The Factor described President Obama's proposed cuts as minimal: "There's only $93-billion in spending cuts, but I'm saying to myself there should be $493-billion in cuts. This isn't even close, it can't pass the House of Representatives."

ABC's George Stephanopoulos, a former aide to President Clinton, also opined on President Obama's budget. "This is a first move," Stephanopoulos said, "and even White House officials and Democrats know this doesn't solve the big problems. They're basically putting in a place holder and saying, 'let's figure out if we can have some conversations about how to move forward.' The showdown is going to come pretty early - the government runs out of money for this year on March 4th, and Republicans will force the White House to accept some percentage of cuts for every week that goes by." The Factor contended that Americas "are starting to get a queasy feeling" about massive deficits and know "there will be a catastrophic economic collapse" if the spending binge continues.

During a guest appearance on NBC's Meet the Press, Speaker of the House John Boehner was grilled by host David Gregory, who repeatedly asked Boehner why he is not more forceful in insisting that President Obama is a citizen and a Christian. The Factor invited Fox News analysts Juan Williams and Mary Katharine Ham to assess the interrogation. "There is a pattern emerging," Williams said, "where NBC is trying to get the Republican leadership to repudiate the 'birthers' or the people who think Obama is a Muslim. I think they're saying it is not an act of leadership on the part of top Republican officials to say people can think what they want to think." But Ham accused NBC News of selective outrage. "There's an incredible double standard here. It was not a Republican who recently said Obama should come out with that birth certificate - it was NBC employee Chris Matthews who said that." The Factor questioned why NBC continues to press the issue: "Sane, clear-thinking people understand that the President is not a Muslim and he wasn't born in Indonesia. So why does Meet the Press and NBC News take up valuable air time to hammer Boehner, who has nothing to do with this?"

The TV network Al Jazeera, based in Qatar, has been accused of anti-Jewish and anti-American bias. The Factor was joined by former Al Jazeera anchor Dave Marash, who explained why he resigned from the network. "I had been promised a great deal of editorial autonomy," Marash said, "which disappeared over the first couple of years of the channel. I also felt that when it came to reporting about the United States, Al Jazeera didn't live up to the standard it set everywhere else in the world." Marash defended his former network against charges of rampant bias. "They certainly aren't anti-Semitic, but they are anti-Netanyahu and anti-Lieberman and anti-Israeli right. Even in Israel, the opinion is that Al Jazeera gives them a fairly decent journalistic shake." The Factor accused the network of airing some blatantly slanted reports: "When I researched this story I came up with a whole bunch of things that prove to me that Al Jazeera is anti-Semitic and anti-American in its tone."

A guest on Bill Maher's HBO program actually claimed Bill O'Reilly was "bigoted" for asking President Obama whether he knows the intricacies of football. Fox News media analyst Bernie Goldberg minced no words. "That was embarrassing, but it's worse than that," Goldberg opined. "It's irrational and it's almost clinical insanity. People could watch the interview and say they liked it or didn't like it, but you have to be out of your mind to find racism in that interview. Bill Maher also said you are unpatriotic and disrespectful to the President, but Maher has said George W. Bush is 'a retarded child emperor' and a 'crazy evangelical Christian.' It takes a certain kind of person to see what you did as 'disrespectful' after he said all that." The Factor ridiculed the HBO discussion as "the lowest point in the history of far-left discourse."

The Factor concluded Monday's show with this Reality Check: "One of the most heartbreaking things for me when I visit wounded troops is seeing their families try to cope with their injuries. So, after consulting with President Obama, we have decided to help the Fisher House charity. This fine organization provides housing and other benefits to the families of our wounded warriors. Therefore, we are offering this historical document - the personal notes I used during the recent Presidential interview - in return for a donation to the Fisher House. President Obama signed the original copy and I will sign all of the ones we are making available to you. The donation for this is $500, which is tax deductible. If you go to BillOReilly.com, we have a link to the Fisher House - you just click over there and they will handle the rest."

Sharon DiPirro, Granite Bay, CA: "Lou Dobbs didn't answer your question, O'Reilly. Why should workers struggle in a company that pays CEO's millions? Not wealth redistribution, but fair business practices."

Howard Bartlett, Franklin, TN: "Dobbs is correct: If the President were really a capitalist, he would worry about whether shareholders are being hurt by executive compensation."

Richard Zepp, Bradenton, FL: "Bill, great segment on Planned Parenthood omissions by NBC and ABC News. These selective liberal media story lines prove bias just as much as the slanting of stories."

Monday's Patriots or Pinheads: Officials in Portland, Oregon, who may ban city employees from wearing perfume, after-shave, or other scented products to protect other workers with allergies. Is the non-scents-ical policy pinheaded or patriotic? You make the call here on BillOReilly.com. Friday's P or P featured Donald Trump, who proclaimed that "Ron Paul has zero chance of being elected." 55% of you said Trump's remarks were pinheaded.