By Bill O'Reilly

Unemployment ticked up to 9.2 percent in June, the highest level this year, with the economy adding just 18,000 jobs. Close to 100,000 jobs were expected by some experts. That's a disaster, and it obviously has wide-ranging political implications.

The president explained the situation by saying there are a number of forces holding the economy back and Congress should do more to promote economic growth. With all due respect to President Obama, voters want solutions, not politicking.

Republicans were quick to hammer the president and to draw a sharp line about taxes:

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REP. ERIC CANTOR, R-VA.: It just does not make sense for Americans to suffer under higher taxes in an economy like this, and as the speaker said, there is no way that the House of Representatives will support a tax increase.

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So going forward, President Obama can expect no compromise from the Republicans on a tax increase. It's not going to happen. That means that Mr. Obama must cut government spending without raising revenue, something he is adamantly opposed to doing.

Negotiations on raising the fed debt ceiling continued on Sunday, but once again the president is caught between Barack and a hard place.

The bad economic news is also deadly for American liberalism. The facts say that massive government spending has not worked to stimulate the American economy and that the liberal vision of economics has failed. Most of President Obama's economic advisers have left the building. There are few replacements and no clear-cut plan to improve the economy coming out of the White House.

Some liberal commentators are bordering on desperate because they know a tax increase will not be forthcoming.

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UNIDENTIFIED FEMALE: They are paying the lowest taxes in 50 years, in -- more than 50 years, more than my lifetime, and they are still complaining. And some of them aren't complaining. There are good business people who know this game of chicken in particular is deadly and it's wrong and its hostage taking. And you shouldn't negotiate with hostage takers.

CHRIS MATTHEWS, MSNBC HOST: I agree with you. I agree with you. I agree. It's terrorism.

ED SHULTZ, MSNBC HOST: Republicans, you see, have been on this non-stop 30-year mission to murder the American dream by protecting only the rich.

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A new Rasmussen daily tracking poll on Friday has the president's job approval rating at 47 percent; 52 percent disapprove. That number is likely to be worse Saturday after the news on Friday.

With the presidential election less than a year and a half away, Mr. Obama knows that he is in deep trouble, and committed liberals have to know that their vision for the country is crumbling.

"Talking Points" believes this may be one of the worst days that President Obama has had in office.

And that's "The Memo."

— You can catch Bill O'Reilly's "Talking Points Memo" weeknights at 8 and 11 p.m. ET on the Fox News Channel and any time on foxnews.com/oreilly. Send your comments to: oreilly@foxnews.com.