This is a rush transcript from "Hannity," July 17, 2012. This copy may not be in its final form and may be updated.

SEAN HANNITY, HOST: Just 112 days until Election Day and tonight president Obama and his surrogates are launching more insults at Governor Romney.

Now listen to the latest comment made by DNC Chairwoman Congresswoman Debbie Wasserman Schultz.

(BEGIN VIDEO CLIP, MSNBC)

REP. DEBBIE WASSERMAN SCHULTZ, D-FLA.: Mitt Romney is running for president of the United States and, you know, he and his campaign team leadership need to put their big boy and big girl pants on and defend his record. They don't want to show us his record. They are running the most secretive campaign for president of a major party in history.

(END VIDEO CLIP)

HANNITY: Well, guess what, Congresswoman, your wish is our command. In just a moment, the always outspoken Romney adviser Governor John Sununu will go head-to-head with Juan Williams.

But first, late last week, President Obama insulted every small business owner in America when he said that they owed their success to somebody else. Oh, really? Watch this.

(BEGIN VIDEO CLIP)

PRESIDENT BARACK OBAMA: If you were successful, somebody along the line gave you some help. There was a great teacher somewhere in your life. Somebody helped to create this unbelievable American system that we have that allowed you to thrive. Somebody invested in roads and bridges. If you got a business, you didn't build that. Somebody else made that happen.

(END VIDEO CLIP)

And today, Governor Romney responded and fiercely in one of his most impressive speeches today. Romney not only defended his record but the hardworking success of all Americans. Listen to this.

(BEGIN VIDEO CLIP)

MITT ROMNEY, R-PRESIDENTIAL CANDIDATE: To say that Steve Jobs didn't build Apple, that Henry Ford didn't build Ford Motor, that Papa John didn't build Papa John Pizza, that Ray Crock didn't build McDonalds, that Bill Gates didn't build Microsoft, you go down the list, that Joe and his colleagues didn't build this enterprise, to say something like that is not just foolishness, it's insulting to every entrepreneur, every innovator in America. It's wrong.

It also extends to everybody in America that wants to lift themselves up a little further. That goes back to school to get a degree and see if they can get a little better job, to somebody who wants to get new skills and get a little higher income.

The president would say, well, you didn't do of that. All right? You couldn't have gone to school without the roads the government build for you and you couldn't have gone to school without teachers. So, you didn't -- you are not responsible for that success.

Look, President Obama attacks success and therefore under President Obama we have less success and I will change that. I've got to be honest. I don't think anyone could have said what he said who had actually started a business or been in the business.

(END VIDEO CLIP)

And joining me now with reaction, the author of "Muzzled," Fox News political analyst Juan Williams. And former New Hampshire governor and Romney surrogate John Sununu is here.

And you know, what? I wouldn't be here, Juan, if my mother didn't change my diapers.

(LAUGHTER)

HANNITY: And I wouldn't be here, Juan if she didn't feed me those marked mashed up peas and carrots, you know, or they didn't build the bridge back in 1952, that I get to cross. I mean, how ignorant is this? How out of touch is Obama with what it takes to build a business? I think this is damaging to him.

JOHN SUNUNU, FORMER NEW HAMPSHIRE GOVERNOR: Go ahead before I cover for him.

JUAN WILLIAMS, FOX NEWS POLITICAL ANALYST: Go ahead, John.

(LAUGHTER)

SUNUNU: No, no, go ahead. I want to hear this answer.

WILLIAMS: Well, I just don't think it's damaging in any way. I think the fact is, Sean, you are a very talented communicator, but the fact is that Rupert Murdoch gave you an opportunity through Roger Ailes to have a show here at Fox.

HANNITY: All true.

WILLIAMS: And you have demonstrated talent and ability and you have built it but...

HANNITY: Well, that's in dispute.

WILLIAMS: But yes, you know what Sean Hannity did this all by himself? No. And to suggest that somehow in America a country that had political stability --

HANNITY: Juan, Juan, Juan.

WILLIAMS: -- that has law to protect business, stop bribery, stop corruption,, that America is the number one place in the world to do business.

HANNITY: And we wouldn't be here if our moms didn't change our diapers.

WILLIAMS: Oh, stop.

HANNITY: And we wouldn't be here if people didn't nurture us, and we wouldn't be here if we didn't have a schoolteacher.

Governor Sununu, your reaction to the president's remarks?

SUNUNU: Look, there are lots of countries with roads and bridges and sewers but they don't create jobs and businesses like America. This is different. We have entrepreneurs here who have a spirit of being willing to make the sacrifice of taking a second mortgage going out and hiring a few people and taking a chance and creating a lot of jobs. And all the president has been doing is condemning success.

How can you be president of America, how can you be president of this country, if you condemn the success that America is noted for? And when you demean the business people, particularly the small business people that you hope will create some of the jobs that this administration hasn't been able to coax out of the private sector? When you insult them you scare them again.