Bill O’Reilly’s back for his first new show of the New Year! Tonight in his Talking Points Memo, the Factor host reacted to the fiscal fallout and reveals what he says is President Obama’s true agenda. According to The Wall Street Journal, the fiscal debate was a “fake crisis.”

O’Reilly agreed with that editorial, saying, “The deal Congress struck could’ve been done last August, but the politicians in both parties wanted to posture, setting up phony scenarios for their own personal aggrandizement.”

He pointed out that President Obama was successful in raising taxes

on every working American. Individuals making below $400,000 a year will pay a variety of Obamacare taxes and see a rise in their Social Security tax.

In a press conference, President Obama said, “We can’t simply cut our way to prosperity. Cutting spending has to go hand-in-hand with further reforms to our tax code so that the wealthiest corporations and individuals can’t take advantage of loopholes that aren’t available to most Americans.”

The president doesn't care about cutting spending, O'Reilly charged, adding that “There’s no question now, no question that the American people have voted for a president who wants to redistribute income.”