• With: Rep. James Clyburn, D-S.C.

    This is a rush transcript from "Your World," November 6, 2012. This copy may not be in its final form and may be updated.

    NEIL CAVUTO, HOST OF "YOUR WORLD": Well, regardless, you know, business leaders fear continuing gridlock in Washington ahead of this great fiscal cliff, that nothing gets done no matter who is elected.

    Democratic Congressman from the fine state of South Carolina James Clyburn, very good to have you back, sir.

    That is what they fear.

    REP. JAMES CLYBURN, D-S.C.: Well, thank you so much for having me, Neil.

    CAVUTO: Good to have you.

    That is what they fear, that if the president is reelected or Mitt Romney becomes president-elect, that these intractable problems remains just that. What do you say?

    CLYBURN: Well, sure, the intractable problems remain.

    The fact of the matter is, we are all going to have a lame-duck session. I think that lame-duck session will yield some kind of a temporary fix in order to give us the time we need to do things of a more permanent nature.

    CAVUTO: What would a temporary adjustment be?

    (CROSSTALK)

    CAVUTO: Six months? A year?

    CLYBURN: Well, or I think up to maybe around a year.

    CAVUTO: I see.

    CLYBURN: I think that now what that temporary will be, I think it will be sort of decided upon by the Congress based upon the results that come in tonight and maybe tomorrow as well.

    But the results of this election I think will dictate what kind of a one-year fix we will do. I don't know of anyone who believes that we don't need to overhaul our tax code. People know that. Both candidates think that we need to do that.

    You cannot do that in a lame-duck session. You need time, you need to have hearings and you need to -- the committees need to do their work and that will take a lot of time. But we cannot wait on the committees to do all that work without something being done to avoid the cliff.

    I think we will avoid the cliff. And I think that whatever format -- form that takes will be based upon tonight's results.

    CAVUTO: All right, well, you could be right about that.

    And just to explain to people -- you know this inside and out, Congressman -- we are talking about the sequestration cuts that automatically go into effect at the end of the year and all the Bush rates, all the Bush tax rates that expire at the end of the year.

    I guess, by your thinking, Congressman, they extend everything for another year, hash out the details, fix up the tax code presumably early next year.

    (CROSSTALK)

    CLYBURN: No, that is not what I said.

    CAVUTO: OK. I'm sorry. What did you say?

    CLYBURN: No, that is not what I said.

    CAVUTO: What did you say?

    CLYBURN: What I said is, tonight's results will determine what that one-year fix will be. Those tax cuts will expire as of the 31st of December.

    If President Obama wins, as I expect him to, I believe that one-year fix will not include...

    (CROSSTALK)

    CAVUTO: Oh, I see, I see.

    (CROSSTALK)

    CLYBURN: That's what I meant.

    CAVUTO: That's a cliff.

    CLYBURN: OK.

    CAVUTO: Because Republicans won't budge on that. Republicans won't budge on that.

    CLYBURN: Well, I am not too sure they won't.

    CAVUTO: OK.

    CLYBURN: The fact of the matter is I would hope that the Republicans will put the country in front of their politics.

    CAVUTO: And you would do the same if it is president-elect Romney tomorrow, correct?