By Bill O'Reilly

As you know, I am a simple man so I'm going to keep this memo real simple.

Last night President Obama helped his cause. But he did not damage Mitt Romney who held his own. Because Mr. Obama was on the ropes after debate one, he gained the most from last night's exposition.

Here is how it went down. Mitt Romney's best moment was this.

(BEGIN VIDEO CLIP)

MITT ROMNEY: This is a President who has not been able to do what he said he would do. He said that he would cut in half the deficit. He hasn't done that either. In fact, he doubled it.

He said that by now middle income families would have a reduction in their health insurance premiums by $2,500 a year. It's gone up by $2,500 a year.

The unemployment, the number of people who are still looking for work is still 23 million Americans. There are more people in poverty, one out of six people in poverty.

How about food stamps? When he took office, 32 million people were on food stamps. Today 47 million people are on food stamps.

How about the growth of the economy? It's growing more slowly this year than last year and more slowly last year than the year before.

(END VIDEO CLIP)

O'REILLY: Well, Romney delivered that message very well even though some of his stats can be debated.

The President's best moment came at the end of the debate when he finally brought up the Governor's 47 percent comment where he implied many Americans who support Barack Obama are not self-reliant and want stuff from the government.

(BEGIN VIDEO CLIP)

PRESIDENT OBAMA: Think about who he was talking about. Folks on Social Security who've worked all their lives. Veterans who have sacrificed for this country. Students who are out there trying to hopefully advance their own dreams but also this country's dreams. Soldiers who are overseas fighting for us right now. People who are working hard every day paying payroll tax, gas taxes but don't make enough income.

And I want to fight for them.

(END VIDEO CLIP)

O'REILLY: Mr. Obama said that in his closing statement so Mr. Romney could not reply, kind of sneaky but effective.

On the negative side, the President had two, two very weak moments.

Romney one. The Governor hectored the President over his energy policy.

(BEGIN VIDEO CLIP)

ROMNEY: In the last four years you cut permits and licenses on federal land and federal waters in half.

OBAMA: Not true, Governor Romney.

ROMNEY: So how much did you cut them by then.

OBAMA: It's not true.

ROMNEY: By how much did you cut by then?

OBAMA: Governor we have actually produced more oil.

ROMNEY: No, no how much did you cut licenses and permits on federal land and federal waters?

OBAMA: Governor Romney here is what we did. There were a whole bunch of oil companies.

ROMNEY: No, I had, I had a question and the question was and how much did you cut them by. How much did you cut them by.

OBAMA: You want, you wanted me to answer. I'm happy to answer the question.

(END VIDEO CLIP)

O'REILLY: Now the problem with that sequence is that Romney did not look presidential. He looked like a cable news analyst. He should have simply presented the facts and let the chips fall.

Now, the President looked bad trying to answer Romney's question about why gas prices have more than doubled on his watch.

(BEGIN VIDEO CLIP)

OBAMA: He said when I took office the price of gasoline was $1.80, $1.86. Why is that? Because the economy was on the verge of collapse, because we were about to go through the worst recession since the Great Depression. As a consequence of some of the same policies that Governor Romney is now promoting.

(END VIDEO CLIP)

O'REILLY: Are you kidding me? The President believes gas prices were lower because of the bad economy? If that's the reason why has the price at the pump risen so much? The economy is still bad. This doesn't make any sense. Totally bogus answer as was Mr. Obama's reply to this question.

(BEGIN VIDEO CLIP)

QUESTION: We were sitting around talking about Libya and we were reading and became aware of reports that the State Department refused extra security for our embassy in Benghazi, Libya, prior to the attacks that killed four Americans. Who was it that denied enhanced security and why?

OBAMA: Well, let me first of all talk about our diplomats because they serve all around the world. And do an incredible job in a very dangerous situation.

(END VIDEO CLIP)

O'REILLY: That's not what the guy asked. With all due respect, the President dodged the very important question about who pulled two security teams out of Libya in August. He just simply dodged it. It was embarrassing. After that, the Libyan deal got even worse.

(BEGIN VIDEO CLIP)

ROMNEY: You said in the Rose Garden the day after the attack it was an act of terror. It was not a spontaneous demonstration. Is that what you are saying?

OBAMA: Please proceed. Please proceed, Governor.

ROMNEY: I want to make sure we get that for the record because it took the President 14 days before he called the attack in Benghazi an act of terror.

OBAMA: Get the transcript.

CROWLEY: He did, in fact, sir. So let me -- let me -- he called it an act of terror in the Rose Garden.

OBAMA: Can you say that a little louder, Candy?

CROWLEY: He did call it an act of terror. It did as well take, it did as well take two weeks or so for the whole idea of there being a riot out there about this tape to come out, you are correct about that.

(END VIDEO CLIP)

O'REILLY: Miss Crowley, with all due respect because I like her, totally blew it; 100 percent blew it.

All right, Candy Crowley helped the President, all right? She actually helped him when she should have stayed neutral.

The President did not, did not specifically call the murder of the American ambassador in Libya a terrorist attack. In the Rose Garden, he was speaking generically about the nation not giving into terrorism no matter what form it takes.

Ms. Crowley did not make that clear. Now, that controversy came up when I talked with Katie Couric today.

(BEGIN VIDEO CLIP)

O'REILLY: Miss Crowley with all due respect blew it. What the President said in the Rose Garden was that Americans will never give in to terrorism. It was a general statement. He did not label the Benghazi attack terrorism.

KATIE COURIC, TALK SHOW HOST: I think it's sort of subject to interpretation in terms of what he said.

O'REILLY: And that's fair, that's fair -- you could interpret it that way. However, here's -- here's where that argument falls down. Is that the President sent his acolytes out to say it was generated by that crazy tape. And you had Ambassador Rice say it. You had his Press Secretary say it, Mr. Obama's Press Secretary Jay Carney said it. So it doesn't really add up in the body of what happened.

(END VIDEO CLIP)

O'REILLY: And we'll show you more of that Couric interview later in the program.

So summing up, President Obama regains some momentum but did not diminish his opponent who has established himself as the President's equal on policy. With the third debate looming next Monday night, anything and I mean anything could happen in this very intense race. No spin.

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.