By Bill O'Reilly

As you may know, there is budget chaos in Washington that may result in some small automatic spending cuts. The story has been going on for months. Federal government under President Obama simply cannot get a responsible budget passed. Since the President was elected in 2008, this has happened every year.

Recently the "Washington Post" reporter Bob Woodward of Watergate fame criticized the Obama Administration for spinning the budget issue.

And Woodward is correct. This is crazy. No responsible administration would embrace a federal debt that could reach $20 trillion by 2016.

We elect presidents to be responsible, efficient and beholden to all the people. What Barack Obama is doing is irresponsible. He's spending the country into bankruptcy. There's no reason on earth why Mr. Obama cannot begin to cut the budget. Yet he resists. He wants to raise taxes but refuses to reform the out-of-control entitlement situation.

Bob Woodward knows this. Every responsible journalist knows this, so Woodward wrote it. And he says the Obama Administration didn't like what he wrote.

(BEGIN VIDEO CLIP)

WOODWARD: Well, they are not happy at all and some people kind of, you know, said look, we don't see eye to eye on this. They never really said though afterwards, they have said that this is factually wrong and it was said to me in an email by a top --

WOLF BLITZER, CNN: What was -- what was said, yes?

WOODWARD: It was -- it was said very clearly "you will regret doing this."

BLITZER: Who sent that email to you.

WOODWARD: Well, I'm not going to say.

BLITZER: Was it a senior person at the White House?

WOODWARD: A very senior person.

(END VIDEO CLIP)

O'REILLY: That person was Gene Sperling, an economic advisor to the President. To be fair, I read the emails between Sperling and Woodward. And there does not seem to be any threat as far as a reprisal is concerned. It looks like Sperling is telling Woodward he is wrong on the issue and will regret being wrong. But I could be wrong because tone does not appear in email.

Now, it's certainly true that the Obama Administration does not like to be criticized by the press. And if you are perceived to be an enemy, they'll cut off access. The press should complain loudly about that because we need honest reportage. We also need stop the ideological nonsense in this country and demand, demand that both parties start looking out for the folks. It's clear to me President Obama wants to create an enormous nanny state for political reasons and also because he thinks America is not fair to the have-nots. The President is entitled to his opinion, of course, but by creating fiscal chaos, he is not helping anyone.

And that's "The Memo."

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