This is a rush transcript from "Hannity," September 27, 2012. This copy may not be in its final form and may be updated.

SEAN HANNITY, HOST: She's at it again. Obama deputy campaign manager Stephanie Cutter has veered off script and promising big things. Now this time she wants you to believe at least 12 million new jobs will be created in a second Obama term if it ever happened. Take a look.

(BEGIN VIDEO CLIP, MSNBC)

STEPHANIE CUTTER, OBAMA DEPUTY CAMPAIGN MANAGER: The president's policies over the course of the next four years, we are projected to create 12 million jobs --

CHUCK TODD, MSNBC: So that's the president's promise, too?

CUTTER: That's the forecast.

TODD: I have not been able to get a pledge. I've not been able to get any kind of pledge.

CUTTER: That's the forecast.

TODD: So you believe that's the president's promise, 12 million jobs?

CUTTER: No, that's not a promise. That's reality. That what is forecasted by economists that will be created over the next four years on the path that we're on.

(END VIDEO CLIP)

HANNITY: Now using term one as evidence, I'm guessing this amount will do nothing more than, let's say, 12 million more broken promises by Obama.

Joining me now with reaction, DNC vice chairman, Obama surrogate and he is also the mayor of Minneapolis, R.T. Rybak. First of all, Mr. Mayor, I want to wish you and everybody in your community the best. I know you had a terrible shooting there. They are in our thoughts and prayers.

R.T. RYBAK, DNC VICE CHAIRMAN: Thanks so much. We're monitoring it really closely and we'll know in a little more in the next few minutes. So thanks for the thought.

HANNITY: All right. Well, I can't get President Obama to come on the show. You're a surrogate. You have some pull. Maybe you can help out, Mr. Mayor. But I want to go back, because nobody in the media asks, I think, some very fundamental basic questions.

President Obama said he would cut the deficit in half in his first term. He gave us $6 trillion in new Obama debt in four years. He called Bush unpatriotic and irresponsible for $4 trillion in debt in eight years. So why would we expect he's going to keep his promise on any of these things?

RYBAK: Well, Sean, you and I know that about this time four years ago the economy collapsed. It was the result, I believe, and the president believes, of failed policies of George Bush. That's what he walked into, very different world than anything in the campaign. So here's what he did. He walked into office. We were shedding 750,000 jobs a month. You know all this. Now we've created 5 million jobs.

HANNITY: Wait a minute.

RYBAK: Let me finish. Now we've created 5 million jobs over that four years.

HANNITY: That's not true. That's not true, sir. Sir, there are fewer Americans working than when he took office. That is a fact. You get it right from the Bureau of Labor Statistics.

Here's the point --

RYBAK: That's the net number, it's changed now, it's net positive now --

(CROSSTALK)

HANNITY: When he ran in 2008, he said it's the worst economy since the Great Depression. He told it was bad. He said and projected that if we pass a stimulus -- he's already in office now -- that by now he would have created 8.7 million jobs.

But again, fewer Americans working than when he took office. And he gave us $6 trillion in debt. Why should we believe him? Why won't you just admit these are simple basic truths? It seems like the Obama campaign can't face this reality.

RYBAK: No, I think we face the reality. We were losing 750,000 jobs a month.

HANNITY: Now you're losing 400 --

RYBAK: More important than that is the fact that we're moving in the right direction. You mentioned Stephanie Cutter. That wasn't Stephanie Cutter projecting that. That was Moody's Analytics.

Mitt Romney came out with a big wonderful plan to create 12 million jobs. Guess what? Moody's says we'll create that under the president's leadership. So if Romney wants to create 12 million jobs, vote for Obama, re-elect Obama.

HANNITY: But Moody's, isn't that the same group that downgraded America for the first time in history? Aren't they also threatening a second downgrade, the second time in American history, only under this president? My only problem is --

RYBAK: Which is why we need to get the Congress to focus on working with the president.

HANNITY: Obama said shovel ready, shovel ready, shovels are hitting the ground. Aha, they're not so shovel ready. We didn't get those jobs. We've got $6 trillion in debt. One in six Americans in poverty, 49 million Americans on food stamps, it was 32 million when he took office, and 25 million un and underemployed Americans. You're going to argue this is a good job? You think this is good for the economy?

You think he's done -- how would you grade him on the economy?

RYBAK: I would say this, this president done a very, very strong job of walking into a crisis and turning it around.

HANNITY: What's the grade?

RYBAK: I would give it an "A." I would also say as the president has said it's incomplete because we want to finish the job. So what's the president has done -- Sean, you and I know this, the president walked into a mess, right? Now let's stop and think about it.

HANNITY: So did Ronald Reagan. Ronald Reagan at this point in his presidency, eight percent growth.

RYBAK: We're not debating Ronald Reagan. We're debating Obama.

HANNITY: Reagan had a far worse economy than Obama inherited. He said he was inheriting it and he said he'd fix it.