By Bill O'Reilly

After hearing for weeks that the automatic spending cuts, which became reality today, would cause massive suffering in America, the President has now changed his tune.

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PRESIDENT OBAMA: This is not going to be [an] apocalypse I think as some people have said. It's just dumb. And it's going to hurt. It's going to hurt individual people and it's going to hurt the economy overall.

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O'REILLY: Well, that may or may not be true but the apocalypse line is very interesting. Because there is no question that the President's acolytes were pounding the disaster drum.

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REP. MAXINE WATERS: We don't need to be having something like sequestration that's going to cause these job losses, over 170 million jobs that could be lost.

WATERS: But that's 750,000 correct the number of job loss. I want to make sure that it gets into the record.

NANCY PELOSI: 750,000. At least.

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O'REILLY: That's insane.

It's not even close to being true. Waters and Pelosi were misleading everybody. They don't know what they are talking about. In fact, a short time later Waters' spokesperson said that the number is 170,000 jobs lost down from 170 million. That's just bull as well. Nobody knows how the spending cuts are going to play out.

What we do know is that President Obama and his party tried to scare the American people into pressuring the Republicans to allow Mr. Obama to continue the insane federal spending. That's exactly what happened.

And now Mr. Obama is trying to walk that back because Republicans are simply not going to cooperate with him until he begins discussing serious spending cuts. It's very simple. The President wants spending that will vastly expand the already catastrophic debt. Republicans say enough. If we don't start imposing fiscal discipline the country is going to go bankrupt.

"Talking Points" sees the issue very clearly. You wouldn't run your business the way the President is running the country. You wouldn't run your household that way. If you did, you would be in serious trouble. And the country is in serious trouble. But the President does not seem to recognize it.

Meantime, the budget chaos continues in Washington with the government shutdown looming by the end of March. Talk about March madness.

And that's "The Memo."

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