• This is a rush transcript from "Your World With Neil Cavuto," December 2, 2008. This copy may not be in its final form and may be updated.

    NEIL CAVUTO, HOST: To the next so-called dash for cash from states, president-elect Obama meeting with the nation's governors today, promising them that help is on the way.

    (BEGIN VIDEO CLIP)

    PRESIDENT-ELECT BARACK OBAMA: We're going to need action and we're going to need action swiftly. That means passing an economic recovery plan that helps both Wall Street and Main Street. And this administration does not intend to delay in getting you the help that we need.

    (END VIDEO CLIP)

    CAVUTO: Two Republican governors today saying, thanks, but no thanks, Rick Perry coming up in a minute.

    First, the South Carolina governor, Mark Sanford.

    Video: Watch Neil Cavuto's interview

    Governor, you are just leery of this whole bailout trend. Explain.

    GOV. MARK SANFORD, R-S.C.: Well, the — you know, the presupposition there is that economic security and, you know, a revival, in terms of the economic prospects of this country rests in whatever comes out of Washington.

    And I think that nothing could be further from the truth. I think, at the end of the day, the biggest thing that has to do with what comes next with regard to economic stimulus is that kid in a basement working on the product of tomorrow.

    And that goes to the heart of this bailout mentality that we are now facing as a country, because, if we go far enough down this road...

    CAVUTO: Then, what do you think, Governor...

    SANFORD: ... we — we move to a political...

    CAVUTO: Right.

    SANFORD: ... economy, rather than a market-based economy, where, if you have got the best lobbyists in Washington, whether you are a Big Three automaker company or somebody else, you can get some cash.

    And I don't think that is a road we want to go down. So, I think that there...

    CAVUTO: All right, but, Governor Arnold Schwarzenegger of California...

    SANFORD: ... are a lot of us very, very concerned about the rest of the...

    (CROSSTALK)

    CAVUTO: I am sorry. We're tight for time, sir.

    Governor Arnold Schwarzenegger of California indicating he's looking at a $11.25 billion deficit, all but tipping his hand that he needs some money from Washington in his hand. What do you make of that?

    SANFORD: Well, if you want to talk about, again, rewarding bad behavior with regard to economics, this is it.

    I mean, California grew by 95 percent over the last 10 years, while even the federal government grew by 71 percent. So, the rate of growth of California government was far higher than even the federal government.

    So, what are we going to do? We are going to tax people around the rest of the country to bail out California. Mind you, this is the same state that, just a couple of years ago, issued long-term bonds to continue to run its operations.

    In other words, rather than dealing with reform or cutting back on spending, which is what a lot of other states have done, they continued to the spending train.

    So, I think that there is, you know, a bit of distaste, if you want to call it that, from...

    CAVUTO: All right.

    SANFORD: ... other governors, other states that have tried to hold the line on spending.

    CAVUTO: All right, Governor, thank you very much, sir. We appreciate it.

    (COMMERCIAL BREAK)

    CAVUTO: Now we are hearing that governors that just met with Barack Obama could be looking for $100 billion for social aid. That is on top of all the infrastructure spending and jobs programs.

    Reaction now from another governor saying "No thank you" to a handout.

    On the phone now, Rick Perry, Republican governor of Texas.

    Governor, good to have you back.

    GOV. RICK PERRY, R-TEXAS: Neil, hi.

    CAVUTO: You are saying...

    PERRY: Good to be with you.

    CAVUTO: You — my thanks, sir.

    You're saying no to this. Why?