By Bill O'Reilly

Lots of folks talking about my shootout with Alan Colmes last night where I asked him what specific budget cuts President Obama has proposed. Colmes hemmed and hawed saying the President is promising to cut Medicare or something. But the truth is Mr. Obama has not put forth any specific federal spending cuts. It's all a bunch of general nonsense and so Colmes and I got into it.

Even though I'm sorry I said Alan was lying -- I should not have used that word -- I'm glad the exposition occurred. We the people need to wake up. The President of the United States is not looking out for the country right now. He's hell-bent on destroying the Republican Party and he does not seem to care if the nation collapses as a result.

All you need to know is this. When Mr. Obama took office in 2009, the federal debt was $10.5 trillion. By the end of this year, the debt will be $17 trillion. By the end of the President's term, it could be $20 trillion. The feds print money at a record rate. That means the dollars we already have are being devalued as the market's flooded with currency, artificially, trying to prop up the American economy. This is economic madness.

And that's the reason I raised my voice last night to get everybody's attention. I think I succeeded.

Liberal America is defending the insanity because they don't want to criticize their standard bearer Barack Obama. Here is more damning evidence. Back in 2010 the President's own debt commission Simpson-Bowles urged him to begin significant cuts in federal spending. Mr. Obama ignored his own commission.

Last month Alan Simpson and Erskine Bowles came back again warning the nation that bankruptcy is looming and proposing new scenarios that would cut the deficit by more than $2 trillion over 10 years, seems reasonable. Again, silence from President Obama. Correction, not silence. More calls for tax hikes.

The USA already has the highest corporate tax in the world. Do you think that helps our economy? Do you? And this year the feds are projected to get the highest amount of income tax revenue in history. And yet Mr. Obama wants more, more money flowing to Washington and no spending cuts.

Again, Colmes and his crew continue to defend that.

And yet there is another problem. Because the right-wing has demonized Barack Obama so much, many independent Americans are tuning out. They are numb to criticism about the President. Oh this birth certificate and Muslim stuff has actually helped Barack Obama. Because now when there is a legitimate criticism, that he is mismanaging the U.S. economy big time, many people don't even pay attention. They don't even listen.

But this spending issue is vital for all of us. And that's why I'm raising my voice. Pay attention.

And that's "The Memo."

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