This is a rush transcript from "Hannity," March 30, 2011. This copy may not be in its final form and may be updated.
SEAN HANNITY, HOST: "The Anointed One's" epic fall from grace continues tonight as the Obama White House struggles to address some of the most pressing issues of our time.
Now concerns over America's economic situation and fears over the growing crisis in the Mideast have now pushed President Barack Obama's approval rating to an all-time low. Now according to a brand-new Quinnipiac University poll, voters now disapprove of the job that the president is doing, 48 to 42 percent.
And with his support across the political spectrum crumbling, there is no question that 2012 is officially in play for the Republican Party. Now take a look at this. Fifty percent of those polled say the president does not deserve a second term, and that nine-point gap is the largest it has been since he took office in January of 2009. Additionally, if the election were held today, an unnamed Republican challenger would defeat our incumbent president by one percentage point.
But what's even more alarming is that more Americans disapprove than approve of the president's handling of the following situations -- Libya, the budget and deficit, the economy, foreign policy in general, health care, Afghanistan and energy. And keep in mind that is every single individual issue that was included in this particular poll.
And here to help break down all of these numbers, Fox News political analyst Juan Williams, the host of "Varney and Company" on the Fox Business Network, Stuart Varney. Guys, good to see you.
STUART VARNEY, FOX BUSINESS: Good to be with you.
HANNITY: Appreciate you being here. All right, well, Juan, not looking good poll-wise for the president.
JUAN WILLIAMS, FOX CONTRIBUTOR: You know, I don't understand sometimes how you put numbers together. This is the most ridiculous thing I ever saw.
WILLIAMS: This is the lowest -- Quinnipiac has the lowest numbers of any poll. Fox News/Dynamic has him up 47 to 49...
HANNITY: ... Rasmussen has him down.
WILLIAMS: Ras -- OK, so you got to -- you want to go to the bottom...
HANNITY: You want to keep going?
WILLIAMS: ... in order to distort the story...
HANNITY: The very bottom.
WILLIAMS: ... and make it fit your Obama-bashing agenda.
HANNITY: Hang on!
WILLIAMS: Let me tell you something -- you hang on! RealClearPolitics -- what is the average of Obama's approval? Forty-seven percent.
WILLIAMS: That puts him above Ronald Reagan at this point in Reagan's term, puts him above Bill Clinton.
HANNITY: Hey, Juan, I loved Ronald Reagan.
WILLIAMS: Did they get second terms?
HANNITY: I followed Ronald Reagan. He's no Ronald Reagan Reagan.
WILLIAMS: Oh -- oh, that -- you just don't want to talk about the numbers because the numbers...
WILLIAMS: ... show a different story.
HANNITY: ... on every issue, Mr. Varney...
VARNEY: Thank you.
HANNITY: Yes, sir?
VARNEY: Can I get a word in edgewise (INAUDIBLE)
HANNITY: Yes, you can, sir.
WILLIAMS: Any time.
VARNEY: Thank you very much indeed!
VARNEY: Face reality, Juan. Face reality, please. This administration has a terrible case of policy paralysis and zero leadership and no solutions to the grave problems we face! Let me just go through the list for one second, and then you can understand the numbers that you're facing here. Energy at $4 dollar gas. The president makes a speech today, does nothing about this problem in the immediate future! The budget and the debt -- the president's budget adds $7 trillion to the debt! And he's sniping, playing political games from the sidelines! He's not leading!
Health care -- yes, there is a policy, and it is unraveling and it's going to bankrupt the country! And four, housing -- we're heading for another dip down. The president's policy has totally failed! There is an absence of leadership, and that's why you've got the numbers. Face reality, Juan.