• With: Alan Simpson, former co-chair of the National Commission on Fiscal Responsibility and Reform

    This is a rush transcript from "Your World," September 28, 2011. This copy may not be in its final form and may be updated.

    NEIL CAVUTO, HOST OF, “YOUR WORLD”: OK. OK. So, New Jersey Governor Chris Christie says he is not, not, not, not, not, not, not running for president. So what about this guy?

    (BEGIN VIDEO CLIP)ALAN SIMPSON (R), FORMER U.S. SENATOR: And so put that one in your pipe. I don’t listen to all the moaning and (EXPLETIVE DELETED).

    That is a sparrow belch in the midst of a typhoon.

    This government is stupid.

    Grandchildren now don’t write a thank-you for the Christmas presents.

    That is just bull (EXPLETIVE DELETED). And I don’t have to come on this program.

    (LAUGHTER) SIMPSON: They’re walking on their pants with their cap on backwards, listening to Eminem and Snoopy Snoopy Poop Dog. And they don’t like them.

    Is totally unfair and pisses me off.

    (END VIDEO CLIP)

    CAVUTO: This new Web ad is pushing former Wyoming Senator Alan Simpson to run for the White House.

    Now, I talked to the head of that group behind it last night on Fox Business Network. And I had to ask its creator, look, the good senator is 80 years old. Could it hurt his chances?

    (BEGIN VIDEO CLIP)ANDREW SCHENKEL, ALSIMPSON2012.COM: This man, with this plethora of experience, decades of experience, on board to solve the monumental problems.

    So if you want to go ahead and play the age card, Neil, that is fine with me, but I’m open to any solutions. And this is a man who has been presenting them for decades.

    (END VIDEO CLIP)CAVUTO: I wasn’t playing the age card, of course. I raised the issue.

    Now to the fellow who is the source of this issue and this draft movement, Alan Simpson.

    Senator, good to have you.

    SIMPSON: Well, Neil, this gave me a rich surge of passion and emotion. I tossed and turned all night thinking of this noble thing.

    (LAUGHTER)

    CAVUTO: Did you see this? Did you see this ad? It’s actually very good.

    SIMPSON: I don’t want that stuff. This is goofy. I talked to that guy that did that. I said, does anybody understand a joke or whatever?

    CAVUTO: He wasn’t joking. Alan, I’m telling you, this dude wasn’t joking. He is very serious. He thinks the guys running are the jokes. He thinks you are the real McCoy.

    SIMPSON: Well, I’ll tell you, if I could be king, that would -- or maybe just a benign curmudgeon. I could do that. I could fill that role.

    CAVUTO: But what he is saying, all kidding aside, Senator, what he is saying, we have had it with everyone speaking the same way, the same politically correct responses. Part of the allure of Chris Christie was that he wasn’t and isn’t like that.

    I think it is an understatement to say you are not remotely like that and that the nation is hungering for someone like that.

    SIMPSON: Well, I’ll tell you what we have found.

    When Erskine and I go around the country -- and you have interviewed us both -- you give us an hour with someone, we don’t do B.S. and we don’t do mush and we tell them the story and we tell them specifically what you have to do to save these four, big four of Medicare, Medicaid, the solvency of Social Security and defense in some sensitive, stable way.

    And we get a standing ovation. We’re not looking for standing ovations, but people are so hungry for this. Just -- just don’t be this mushroom -- well, that -- I won’t get into that, in the dark with mushrooms, but it is just absolutely -- they are so disgusted.

    And, then, to have -- I will say this. The president really, really, really lost some credibility with me because, other than the fact he whacked on Paul Ryan all the time and then talks about bipartisanship in the public and then goes to a fund-raiser and just tears old Paul to bits.

    But I’ll tell you, to get up and talk -- give a final talk on jobs and so on and the economy, and never talk about the solvency of Social Security, that’s an absolute vacancy of leadership. You have got to do something with Social Security. In the year 2036, it will pay out 23 percent less. Isn’t this -- this is beyond comprehension.

    CAVUTO: But as co-chair of the debt commission, you also took a look at revenue. You also took a look at down the road the need for raising taxes and that fell on deaf ears with many in your own party.

    So have you kind of lost both sides and ticked off both sides? And maybe that is what this guy is saying that is what he finds so alluring, that, fair and balanced, you have managed to, using your terminology, Senator, piss off everyone.

    SIMPSON: Well, I have done that, although there are still a few pockets.

    (LAUGHTER)

    SIMPSON: But what, really, when we say raise taxes, we don’t say that necessarily. We say if you get rid of these fake tax expenditures, which are tax earmarks, which are spending in the tax code, like Tom Coburn zeroed in, get $6 billion subsidy out of ethanol, and Grover Norquist calls it a tax increase.

    CAVUTO: Right.

    SIMPSON: That is ludicrous. I call it deceptive. It is totally deceptive that this guy...

    (CROSSTALK) CAVUTO: No, I understand what you’re saying, but your argument was companies who are taking advantage of these things and some individuals, when they are taken away, they will pay more to the government. And that to them is an increase in their taxes.

    SIMPSON: Well, I think that Grover -- and I have said it before -- is the most powerful man in America, and the AARP is the most powerful force in America, write it off, you will never get it done. Forget it. We ain’t got a prayer.

    CAVUTO: Let’s talk about something else that many of your backers hope does have a prayer. Is there any situation under which you would consider running for president of the United States?