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Relatively small amount compared with our defense budget, right? that's the assumption. >> about 27 president. and if we go out in time at the rate they're growing with the cuts we're talking about, china will be spending two-thirds as much as we do, but it'll all be focused in the pacific. they will be able to accomplish dominance in the eastern pacific, and that really throws into question our ability to meet our obligations to australia, japan, taiwan and so forth. do we really want the pacific to be a chinese sphere of influence? jon: so you're saying that china although they might spend l...

Hour? >> an hour, yeah. >> so, everybody but colmes, everybody, maybe the wall street protesters. but everybody else who is not ideological is going to say got to put a lid on it or we're going to be greece. got to. we can't pay our bills. can't pay it back. no matter what spin or excuse you use, you have to go back to 2007 when it was 161 billion. that's back then they were worried about 161 billion being deficit spending. that's how crazy this is. so you put the whole budget reverting back to 2007 whatever they were getting then they get now. so that cuts all of that out. why don't these pin...

Hour? >> an hour, yeah. >> so, everybody but colmes, everybody, maybe the wall street protesters. but everybody else who is not ideological is going to say got to put a lid on it or we're going to be greece. got to. we can't pay our bills. can't pay it back. no matter what spin or excuse you use, you have to go back to 2007 when it was 161 billion. that's back then they were worried about 161 billion being deficit spending. that's how crazy this is. so you put the whole budget reverting back to 2007 whatever they were getting then they get now. so that cuts all of that out. why don't these pin...

The primary villain in the election of 2012. caution, you are about to enter the no spin zone the factor begins right now. captions by closed captioning services built o. o'reilly thanks for watching us tonight. president obama spending our money that is the subject of this evening's talking points memo. with a number of european countries on the verge of bankruptcy damaging the bankruptcy. attention shifting to the u.s. bankruptcy could be looming here as well. please listen closely to these statistics. in the year 2007, during the bush administration, federal deficit spending was $161 billio...

dark studio. but we're going to improve, i promise. the big stories are the u.s. markets. the markets tanked again yesterday. the dow, the nasdaq and s&p were down 4% but good news for stocks futures. premarket trading is all up across the board this morning but remember, futures doesn't mean much until 6:00 a.m. eastern time. let's see how the world's money is doing this morning. andrew stevens is joining us live from hong kong, so tell us something good. >> i with us going to tell you something good yesterday butcy think i failed you yesterday, carol. there is something good at the...