By Bill O'Reilly

On Monday by midnight, the so-called super committee is supposed to present the nation with $1.2 trillion in spending cuts over the next 10 years. That's not a lot, especially when you consider we owe $15 trillion right now.

But the super committee may not be able to come up with the cuts because they continue to argue about raising taxes. The Democrats, of course, want the tax hike on the affluent and business people. The Republicans, of course, do not, saying it would harm the economy. Same old stuff over and over and over.

So here's the real deal. The super committee should triple the amount of spending cuts and should forget about tax increases for the moment. Next year, if the government shows the taxpayers it is serious about not wasting money, then some targeted tax hikes might be considered. But I'll tell you what, I don't want my substantial tax check paying for Solyndra; I don't want it paying for $16 muffins, and I don't want to continue funding programs that don't work.

For example, per student spending on education is more than $10,000 per kid, 47 percent higher than it was 20 years ago, and the kids are dumber, the test scores lower. That's because discipline has broken down in the schools, and the family unit is under siege in America. So all the money in the world is not going to help the public school system until they impose standards and discipline in the classroom.

I could give you hundreds of other examples of federal dollars going down the drain day after day.

The super committee is committed to one thing: partisan politics. And if they come back next week with nothing, the stock market will implode; the American economy will be badly damaged.

The whole world is watching this fiasco. Are we Greece? Are we a nation that can't fix the out-of-control spending?

Tax reform and entitlement reform done fairly can increase revenue and decrease the enormous debt. But it is insane to ask high-end taxpayers to pay more into a system that is clearly broken.

So let's cut the crap, along with the spending.

And that's "The Memo."

Pinheads & Patriots

After 28 years, it is all over for 80-year-old Regis Philbin on his syndicated program.

(BEGIN VIDEO CLIP)

REGIS PHILBIN, CO-HOST, "LIVE WITH REGIS AND KELLY": People ask, why has the show stayed on so long, and I think it's answered to me every time people tell me why they watch it. They watch it, they say, because it makes them feel better, and it can't get better than that. It makes them happy and I -- I'll -- I'll never be able to top that, and I'll never be able to answer all of the cards and letters and messages that have poured in, especially in the last few weeks. But I'll always remember spending these mornings with all of you. So thank you very much for these great years together. God bless you all, and I hope I see you again real soon. Thanks everybody.

(END VIDEO CLIP)

Mr. Philbin is a patriot. I always enjoyed being on that show.

— You can catch Bill O'Reilly's "Talking Points Memo" and "Pinheads & Patriots" 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.