• With: Herman Cain, former presidential candidate

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

    ERIC BOLLING, GUEST HOST: Well, first the ripping and now the reeling.

    Darden Restaurants, the company behind the Olive Garden and Red Lobster, lowering its earning estimate, saying media coverage of its complaints over the new health care law may slam business. Darden mulling plans to slash worker hours to avoid paying health insurance under the new law.

    But Herman Cain says forget the hit from speaking out. This health care law will hit businesses even harder.

    Mr. Cain, former -- by the way, the former Godfathers Pizza CEO, but you really are focused in on this. This health care law really is going to affect small businesses like the pizza joints and some of the other restaurants in the country, right?

    HERMAN CAIN, CEO, THE NEW VOICE: Absolutely, Eric, absolutely. There is no doubt about it.

    Look, when businessmen see a problem coming, they figure out alternatives to deal with it. That is what Darden and Red Lobster and all of the other companies are doing. They already -- they already said we are going to have to deal with it.

    When politicians see a problem coming, they push it off until it becomes a crisis like this fiscal cliff crisis. By the way, earth to Congressman Rangel, it is a fiscal cliff. If you're in business, you understand that. This is no slope. It's a cliff now.

    BOLLING: Right.

    (LAUGHTER)

    CAIN: So my point, Eric, is, quite simply, they are simply saying what they are doing that they have to do.

    Secondly, if you see these forced costs coming, you have one of two choices. You either cut your costs or you raise your prices. They will balanced and do an analysis and figure out what combination. And the price increase ultimately is passed on to the consumer.

    One last point. Business has been saying this before ObamaCare was passed, after it was passed, and leading up to the election. And now some of these writers, they do not do a good job of basically saying what some of these companies are saying.

    And I don't think that the CEO of Darden is blaming all of ObamaCare if you read the article and you look at some of the other information. He is simply saying it is a factor because they are anticipating how they are going to deal with the impact of ObamaCare.

    BOLLING: Sure.

    And I think he's pointing out that the media coverage of their position on ObamaCare is and will be hurting their business going forward.

    Mr. Cain, take a listen to President Obama today, but I also want you to keep that in mind when we roll a second sound bite. Listen to the first one.

    CAIN: OK.

    (BEGIN VIDEO CLIP)

    PRESIDENT OBAMA: John is exactly right when he says that the only thing that the debt ceiling is good for as a weapon is to destroy your credit rating.

    (END VIDEO CLIP)

    BOLLING: All right, that was today talking to the Business Roundtable, where Mr. Obama says this debt ceiling is becoming a problem. It is a problem.

    Now listen to President Obama when he wasn't President Obama, when he was trying to become President Obama on the debt ceiling.

    (BEGIN VIDEO CLIP)

    OBAMA: The problem is, is that the way Bush has done it over the last eight years, is to take out a credit card from the bank of China in the name of our children, driving up our national debt from $5 trillion for the first 42 presidents. Number 43 added $4 trillion by his lonesome, so that we now have over $9 trillion of debt that we're going to have to pay, $30,000 for every man, woman and child. That is irresponsible. It is unpatriotic.

    (END VIDEO CLIP)

    BOLLING: So, Mr. Cain, back then, it was irresponsible, unpatriotic to have a debt ceiling. In fact, it was unpatriotic to even have the credit card. But now Mr. Obama wants us to believe it is bad to have a limit on that credit card.

    CAIN: Eric, the $30,000 is now $50,000 for every man, woman, and child. He failed to point that out. And that is the absolute epitome of hypocrisy. Secondly, would you give someone who has maxed out every credit card they own more unlimited credit? That is what the president is asking for. And it is simply ridiculous and nauseating, quite frankly, to people who have to be responsible with their finances. It is hypocrisy.

    BOLLING: All right, we're going to leave it there.

    Herman Cain, thank you so much for joining us.

    CAIN: Eric, my pleasure.

    And, by the way, did you notice my Bolling casual look today?

    (LAUGHTER)

    BOLLING: I love it. I love it.

    (LAUGHTER)

    BOLLING: I got to get myself a vest like that, sir. That's for tomorrow.

    (LAUGHTER)

    CAIN: I did it in honor of you, Eric.

    (LAUGHTER)