• This is a rush transcript from "The Journal Editorial Report," June 7, 2008.

    STUART VARNEY, GUEST HOST: Up next on the "Journal Editorial Report," Barack Obama's V.P. conundrum. Can he win with Hillary Clinton on the ticket? Can he win without her?

    Plus, with Hillary out, is the Democratic Party's love affair with the Clintons finally over?

    It got warm on Capitol Hill this week. A heated debate over a controversial climate change bill that would wind up costing you a bundle. Critics say it is DOA. But what happens when the White House gets a new tenant?

    Find out after these news headlines.


    VARNEY: Hello everyone, and welcome to the "Journal Editorial Report." I'm Stuart Varney, in this week for Paul Gigot.

    Well he finally got the nomination after a hard-fought primary season but Barack Obama has no time to rest on his laurels. Problem number one for the new nominee, what to do about Hillary Clinton. Can he win in November with her on the ticket? Can he win without her?

    Joining the panel this week, Wall Street Journal columnist and deputy editor Dan Henninger, editorial board member Jason Riley, for the Democratic perspective, FOX News political analyst Kirsten Powers.

    Kirsten, can he win without her on the ticket?

    KIRSTEN POWERS, FOX NEWS POLITICAL ANALYST: Everybody believes it is a Democratic year. Probably yes, he could. But he has a problem and especially because she made it clear that I think she wants to be on the ticket eastbound, though she clarified that, no, she is shot pushing for it she is happy to do whatever. He wants and it's his decision. Her voters know she wants to be on the ticket and they want her on the ticket.

    I think he has a problem because polls are showing that her voters — some of her voters have a problem with him and she could possibly help him with that.

    VARNEY: There are so many Clinton voters who will not vote for Obama unless she is on the ticket. It is a numerical thing.

    POWERS: Yes, so the polls say. Exit polls have shown that. I think there is a Pew poll that shows 30 percent of them essentially, about 34 percent have a high negative opinion of him.

    And so you know the question is does he lose 5 percent of those voters? In which case, they had 19 million people vote for her depending upon whom you talk to, 17 million or 1 million people. That's a lot of people.

    JASON RILEY, EDITORIAL BOARD MEMBER: I would be very suspect of those polls at this point. I think it is hard for Hillary Clinton to believe this but there are more people out there that are more interested in winning the White House than supporting Hillary Clinton.

    It is true that you might have a situation here where Hillary Clinton could help Barack Obama win, but governing would be a disaster. I mean, you'd have to — it is hard to imagine Hillary playing second fiddle to anyone in the White House, let alone having Bill Clinton running around with nothing to do.

    In terms of helping her on itself campaign trail, with those Reagan Democrats tat she had trouble with in battleground states like Pennsylvania and Ohio, she could be an asset there.

    Governing, I don't think she would be very, very effective and also she undermines his message which is change. Hillary Clinton represents the past. And I think putting her on the ticket would diminish that message.

    DAN HENNINGER, COLUMNIST & DEPUTY EDITOR: I think there is also an X factor that won't get discussed too much. There is another player in this campaign and that's us, the media, which is to say look at the way the campaign has been Reverend Wright, there's been Bill and all sorts of stories that come out of left field.