HANNITY: How much was money did this president spend in the year 2008, you know the answer to that. How much did he spend?

GOOLSBEE: He wasn't the president in 2008.

HANNITY: Excuse me, 2009. How much did he spend?

GOOLSBEE: He spent only a small amount more than was projected to get spent because of the townturn.

HANNITY: How much did he spend?

GOOLSBEE: Barely more than what was projected.

HANNITY: How much?

GOOLSBEE: Barely more than what was projected.

HANNITY: All right, here is the thing, spending has gone up 20 percent almost across the board under Obama in four years. We have $6 trillion new Obama debt, 20 million more Americans on food stamps, one in six in poverty, now here's the problem. Wait a minute -- this year we are going to spend about the same probably more than we spent last year. Explain to America how that is a cut.

GOOLSBEE: Now wait a second. You are aware that the Congressional Budget Office, which is nonpartisan, has said that over the last 18 months that the deficit has shrunk faster than any time in the history of United States. Government spending is shrinking faster --

HANNITY: This year, if we're lucky, is under a trillion. No president has come that close, but wait a minute. He's given us $6 trillion in debt, but you are not answering my question. This is important. Are we going to spend more money than year than last year or about the same? Is that the average amount we are going to spend?

GOOLSBEE: Significantly less as a share of the economy, much less.

HANNITY: Because we're going spend about the same. It's impossible to inflict this much pain over $44 billion of a $3.7 billion budget. It's impossible.

GOOLSBEE: It's about the Congressional Budget Office says that it will cut the growth rate of the U.S. by about 6/10th of a percent, which you can say is small or big, but most analysts think that will lead the unemployment rate to start rising again rather than falling.

HANNITY: The first four years of a bad economy was Bush's fault. The next four years are going to be the Republicans' fault and the debt is Republicans' fault.

GOOLSBEE: We avoided the depression, do you remember that? We were at the edge of a depression.

HANNITY: Is it immoral -- I think it's immoral -- I'll ask you,to borrow $6 trillion in four years because he accused Bush of being unpatriotic and irresponsible for $4 trillion over eight years. Is it immoral to borrow from our children --

GOOLSBEE: It was unpatriotic to in a boom to run a deficit, if you are an emergency, worst downturn of your lifetime --

HANNITY: He didn't say that. He never said that.

GOOLSBEE: Yes, he did.

HANNITY: No, he did not.

GOOLSBEE: That was during the campaign, I remember this.

HANNITY: But here is the question.

GOOLSBEE: You played the one snippet where he said it was unpatriotic, I told you that was the context.

HANNITY: Wait a minute. He cut the deficit in his first term in half or no?

GOOLSBEE: From what he inherited, yes.

HANNITY: Did he do that?

GOOLSBEE: He is about to in the fifth year, not the fourth year.

HANNITY: The first term is over, Austan.

GOOLSBEE: Yes, but look it was projected to be $1.3 trillion when he came in. It's going to be cut just in half, that is what the CBO just projected. It would be easier if Republicans were willing to do a grand bargain.

HANNITY: Wait a minute. This week, did they not give the president the choice of making the cuts himself? Didn't they offer him that authority this week and he rejected it?

GOOLSBEE: Well, no, not exactly, that was only the discretionary part. If they want to cut social security and Medicare, they should propose it --

HANNITY: Where is the president's budget? We haven't seen a Democratic Senate budget either in four years.

GOOLSBEE: He proposed a budget, the opposed it unanimously, every Republicans in the House.

HANNITY: I want to read it. Can I download it?

GOOLSBEE: Yes, you can. It's on the Office of Management and Budget's web site.

HANNITY: All right, I'm just checking. Maybe they'll actually pass one this year.

Austan, I'm happy to report. There's a Fox News alert, Charles Manson is still in jail as of this hour. We're going to watch it closely throughout the evening.

GOOLSBEE: My daughter had a bloody nose in school today and I'm blaming the Republicans.

HANNITY: It's probably my fault. Probably my kid, go ahead and blame him. He flew to Chicago.