• With: Rep. Eric Cantor, R-Va.

    This is a rush transcript from "Your World," November 5, 2012. This copy may not be in its final form and may be updated.

    NEIL CAVUTO, HOST OF "YOUR WORLD": Well, Governor Mitt Romney wrapping up a couple of campaign stops in the battleground state of Virginia. The polls are showing that it's very, very tight there, as it in virtually all the key battleground states.

    That is the home state of my next guest, House Majority Leader Eric Cantor.

    Leader, very good to have you.

    How do you think your state is looking?

    REP. ERIC CANTOR, R-VA. HOUSE MAJORITY LEADER: I think it is looking tremendous.

    I just left a rally with some volunteers. I was with both Paul Ryan and Mitt Romney over the last week. And the enthusiasm is fantastic on the ground here in Virginia for our side. And I believe it is because people here in the commonwealth, they want to see a path towards a better future.

    They want to see more jobs and growth in this economy. Mitt Romney is the only candidate in this race and has been the entire time that has laid out a plan to get us back to work. And I think that, in and of itself, is the key to this election.

    Virginia is about jobs. We're obviously about military jobs as well. And I'm predicting that Mitt Romney is going to do a lot better here than what the pollsters are telling us and will also result in a big win for George Allen tomorrow.

    CAVUTO: George Allen of course running for the Senate.

    I'm wondering, though, Virginia is one of those early states we get that night, tomorrow night. If he were to lose, Mitt Romney were to lose, that what not be a good table-setter, would it?

    CANTOR: No. And I don't think he is going to lose.

    I really do think -- I mean, I see it on the ground. The get-out-the- vote operation is the best I have ever seen it on the ground here in the greater Richmond area and throughout the commonwealth. And the enthusiasm among our volunteers and grassroots efforts is off the charts.

    We are going to deliver a big win here.

    CAVUTO: You know, it is a little too early to say, Congressman, but I would be curious. Let's say you are right and let's say a win for Mitt Romney in your state leads to similar wins in other crucial swing states for him, and he is president-elect tomorrow night or late into Wednesday morning, who knows.

    On this fiscal cliff thing and all the Bush rates that expire and the sequestration cuts that kick in, what is your best guess what happens?

    CANTOR: Well, first of all, Mitt Romney has said he doesn't want to see taxes going up on anyone. And this is the so-called fiscal cliff.

    And if you look at it, Neil, it is the marginal rates, its capital gains and dividends, it's the death tax, it's the marriage penalty. All of these things will go towards higher taxes for everybody. And Mitt has said all along we don't want to see that, especially not in an economy right now and especially in a situation where we have not fixed the spending problem.

    So, I believe Mitt Romney's election will lead to our ability to see that taxes don't go up on anybody. We will hopefully set up a process where we will actually see tax reform happen to simplify the code, lower the rates for everyone, fill the loopholes, so we can get on about the business of growing the economy, which has been the focus and should have been the focus throughout the last four years. But it's certainly been the focus of Mitt Romney and Paul Ryan's campaign.

    CAVUTO: I'm curious, Congressman. Joe Biden in another news network interview had said that if Barack Obama is reelected, Republicans will come to the table, because -- paraphrasing here -- the temperature would have burst, the fever would have burst, they will be more willing to just work, rather than I guess constantly challenge and yell and scream. That was the gist of it.

    What do you think of that?

    CANTOR: Well, I can tell you one thing, Neil.

    And I had an opportunity to work very closely with the vice president a year ago. And he knows that I stand for making sure we solve the spending problem once and for all. He also knows that I will and have continued to fight against taxes going up on anyone.

    And we will continue that because that really -- raising taxes right now on this economy is not the answer. It is now how we get people back to work. It's not how we grow the economy and see capital be deployed, so we can create more jobs and opportunity. That has got to be our focus.

    And I believe that the voters here in the commonwealth do know this election is about taxes. And that is why I believe that the small business people, the hardworking families of Virginia are going to turn out and elect Mitt Romney, because he is the one who is saying we ought not be raising taxes on anybody right now in this difficult economy.

    CAVUTO: All right, Congressman, thank you very much.

    Whoever wins tonight, it's fair to say Eric Cantor is going to be a crucial power player in Congress going forward, so we will watch that closely.

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