By Bill O'Reilly

The folks won, as nearly $80 billion of proposed federal spending will not happen this year. So we, the people, come out on top.

That's because the feds are starting to stop the spending madness. The truth is that President Obama did not want to cut spending, but he compromised because he knew the American people are beginning to understand the danger of owing $14 trillion. On Friday night, the president said this:

(BEGIN VIDEO CLIP)

PRESIDENT OBAMA: This agreement between Democrats and Republicans, on behalf of all Americans, is on a budget that invests in our future while making the largest annual spending cut in our history.

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That sound-bite has angered the far left, which wants to continue massive federal spending. Here's uber-liberal Paul Krugman's reaction in The New York Times: "Did Mr. Obama have to celebrate his defeat? Did he have to praise Congress for enacting 'the largest annual spending cut in our history'?"

Yeah, he did, Paul, because the folks see the danger, even if you don't care about fiscal responsibility.

A brand-new CNN poll says 58 percent of Americans support the new budget deal, 38 percent oppose, and, get this, 48 percent say President Obama is the guy who made it all happen; 35 percent say the Republicans drove the deal.

So even though Mr. Obama opposed the budget cuts, he's getting credit for them, according to the CNN poll.

Now the real story behind the opposition to cutting federal spending. First, let's listen to the reaction from the far left:

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REP. ED MARKEY, D-MASS.: GOP used to stand for Grand Old Party. Now it stands for "Gang of Polluters." Now it stands for "Greed Over Principle." Now it stands for the "Gas and Oil Party."

SEN. CHARLES SCHUMER, D-N.Y.: The other side wants to tell middle-class kids it's harder to go to college, wants to lay off teachers, stop -- lay off -- stop research which creates new jobs.

REP. ANTHONY WEINER, D-N.Y.: They want to go and make sure that, frankly, organizations that do all kinds of good things, like Planned Parenthood, are defunded.

GEORGE SOROS, FAR-LEFT BILLIONAIRE: The country could actually absorb some more debt in order to get the economy going.

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What Soros said is the key: the feds should get the economy going. Not the private sector, the feds. There it is.

The far left wants the government to control the economy, not private industry. That is what is behind The New York Times, Soros and the other uber-left operations.

Very simply, they want a recast of the American economic system, and the only way that can possibly happen is if the system crashes like it did in 1929. In theory, an economic collapse could allow a new system to rise, a quasi-socialistic system whereby Washington would dole out the jobs and money.

So this budget issue, while boring on paper, becomes the primary issue of our time, eclipsing even terrorism.

Finally, is President Obama among those who want to recast the economic system? "Talking Points" does not know. I do know he wants to be re-elected, and that will never happen if the economy tanks again and the spending continues to go wild.

But how the president sees capitalism remains undefined. I do know one thing: He doesn't see it like I see it.

And that's "The Memo."

Pinheads & Patriots

Many "Factor" viewers, as you know, don't like Bill Maher because he has become an uber-left zealot. But Maher is also very tough on Islam.

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BILL MAHER, HOST, "REAL TIME WITH BILL MAHER": There is one religion in the world that kills you when you disagree with them, and they say, "Look, we are a religion of peace, and if you disagree, we'll (EXPLETIVE DELETED) cut your head off." And nobody calls them on that. There are very few people that call them on that.

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So is Maher a pinhead or a patriot for that assessment? You can vote on BillOReilly.com. That should be interesting to see how you guys come down on it.

Last Friday we told you about New Jersey Governor Chris Christie appointing a Jersey resident governor for a day. Five-year-old Jesse Koczon was whining to his parents in the car that he wanted to be governor. The video hit the net, and Mr. Christie responded.

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GOV. CHRIS CHRISTIE, R-N.J.: Did you and I have a talk about property taxes?

JESSE KOCZON: Of course I did.

CHRISTIE: All right. And what did I tell you?

KOCZON: Don't raise them.

(END VIDEO CLIP)

Sixty-three percent of you say Governor Christie is a patriot for that appointment; 37 percent believe he is a pinhead.

— 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.