The Congressional Budget Office is the federal agency that keeps track of taxpayer money. As everybody knows, the Obamacare law will require the taxpayers to fund insurance payments to Americans who don't have very much money.

In a recent report, the CBO clearly said that those receiving free healthcare will have less incentive to work because their health needs will be assured. So, if they are in a job they don't like, they don't have to keep the job and can live off entitlements and/or the underground economy.

That report hurts the Democratic Party which champions Obamacare and other entitlements. So, here is the Democratic spin.

(BEGIN VIDEO CLIP)

SCHUMER: What CBO said is that many American workers would have freedom. Now, that's a good word -- freedom to do things that they couldn't do. The single mom who is raising three kids has to keep a job because of healthcare, can now spend some time raising those kids. That's a family value.

REP. NANCY PELOSI (D-CA), HOUSE MINORITY LEADER: We want people to have the freedom to be a writer, to be a photographer, to make music, to paint. People would no longer be job locked by their policy but have the freedom to follow their passion.

(END VIDEO CLIP)

O'REILLY: The problem is that you and I, working Americans, will have to pay for that passion. So the simple question becomes is that fair? "Talking Points" has no problem paying for safety net entitlements and as you may know, we give away millions of dollars to the poor. But now I'm being asked to pay for somebody's passion by supporting their health insurance.

Nancy Pelosi might like to know that at one time I painted -- houses. And it was hard, hot work in the summer. I did it because I needed money for college. I was passionate about college because I played football and I was on the newspaper. But no one paid me for that passion. I painted. I paid.

Somehow the Democratic Party in America has lost that message because its vision is now one of supporting people rather than providing opportunities for folks to support themselves in the marketplace. It's clear what Senator Schumer and Congresswoman Pelosi are saying that Obamacare will free people from their low waged jobs so they can do other things.

But other things might not include getting better jobs because if they got those their Obamacare subsidies go away. Are we all getting this?

Finally the CBO report does have some good news for President Obama and the Democrats. It says that health insurance costs will probably decline about 15 percent from the original forecast. Does that override all the other stuff? You make the call.

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.