By Bill O'Reilly

The worst thing that could happen to the USA is for a sitting president to pretty much ignore the best interest of the folks. President Obama is doing something very strange right now, very strange and you should know about it.

He only won the election by 3.5 million votes out of more than 120 million cast. He knows we're a divided nation and he also knows millions of Americans don't believe he's looking out for them. He also knows that we have a budget situation that could send the country into bankruptcy.

So it is on the President to solve the problem. This week, Treasury Secretary Tim Geithner offered the President's plan. It would raise taxes for high-earning Americans by $1.6 trillion over the next decade. That's on income, capital gains and dividends. But also limit deductions for those folks. But also return the estate tax to a whopping 45 percent for wealthy families.

But on the spending front, there really isn't anything substantial on the table, nothing. The President is basically saying "I'm not going to cut much. And blank you if you don't like it."

(BEGIN VIDEO CLIP)

KRAUTHAMMER: It's not just a bad deal. This is really an insulting deal. What Geithner offered, what you showed on the screen, Robert E. Lee was offered easier terms at Appomattox and he had lost the civil war. There are not only are no cuts in this, there is an increase in spending with a new stimulus. I mean this is almost unheard of. I mean, what do they expect? They obviously expect the Republicans will cave on everything.

(END VIDEO CLIP)

O'REILLY: Now, I don't think President Obama expects the Republicans to cave. He wants them to oppose believing the American people will become angry with the GOP. It's a political strategy that is putting the entire country at risk.

Many Republicans already said they will go along with some tax hikes. So why is the President being so "in your face" about this?

He is doing the same thing with the Susan Rice situation. Earlier this week he said he thinks the U.N. Ambassador is doing a great job. Are you kidding me? Dr. Rice misled the entire world about the Libyan murders. Still won't explain how that happened. And that's a great job?

It's very possible that President Obama will nominate Susan Rice for the Secretary of State position that Hillary Clinton is vacating. That would obviously be another "in your face" to the Republicans. So it doesn't seem like Mr. Obama wants to run the country efficiently. I guess I could be wrong maybe he'll compromise in the end.

But now we have a "my way or the high way" situation. The problem with the President is the high way passes through the Republican Majority in the House of Representatives. And these people aren't going to ok more than a trillion dollars in tax hikes with no spending cuts or entitlement reform. It's not going to happen. And Mr. Obama knows it's not going to happen. So why are we playing this foolish game?

The American people deserve better than this. We have huge financial problems in this country. Problems that every single one of us are going to be feeling if the U.S. dollar tanks. Come on, Mr. President, put something reasonable. Let's get off the politics.

And that's "The Memo."

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