• With: Sen. John Barrasso, R-Wyo.

    This is a rush transcript from "Your world," November 13, 2014. This copy may not be in its final form and may be updated.

    NEIL CAVUTO, HOST: All right, now to the tizzy over Lizzy.

    Harry Reid moving Elizabeth Warren apparently to a leadership position in the Senate.

    To Wyoming John Barrasso, who is part of the Republican leadership team in that same Senate, says that a Warren promotion like that tells you all you need to know about how much Democrats are willing to compromise.

    And, Senator, you argue, if that's the signal, not much. Why?

    SEN. JOHN BARRASSO, R-WYO.: Well, Neil, actually there's something that Elizabeth Warren and I do agree with, and that's eliminating the medical device tax, which has driven jobs overseas and caused medical innovation to stagnate in this country.

    CAVUTO: Right.

    BARRASSO: So, I want to work with her and I want to work with Democrats on issues that we agree on that will get jobs to the country, people to work, and the economy improving. So, that's what I'm looking for.

    CAVUTO: All right, then let me pursue that, if you don't mind. I do want to get to this bigger issue, but on the medical device tax, you're right. That seems to unite Democrats and Republicans. They both -- they all find that heinous. They would likely kill that.

    But then how would you, because Elizabeth Warren has to then look for alternative revenues that are going to be lost when you take that away -- what do you say to that and what are Republicans offering on that or you're not getting that far, just get rid of this device tax?

    BARRASSO: Well, we need to eliminate the medical device tax.

    You know, Health and Human Services said that they're expecting a lot fewer people to sign up for the Obama health care program this coming year, a lot fewer than the Congressional Budget Office has said.

    CAVUTO: Right.

    BARRASSO: So that's money that's not going to go out for subsidies.

    But, additionally, we need to actually try to take out all of these horrible components of the health care law that have hurt so many people, so it's not just the medical device tax. It's restoring the 40-hour workweek, so, so many people don't have their take-home pay lowered because their hours are cut. We want to eliminate the employer mandate that makes it harder for businesses to hire people.

    We want to focus on the part that is the most unpopular part of the health care law, the individual mandate that mandates people buy insurance they don't need, they don't want, they can't afford. So, those are the areas that we're looking. And many of these things have already been voted in the House.

    CAVUTO: Well, then, on a lot of those issues, Senator, on a lot of those issues, to your point, Elizabeth Warren and you agree. The devil is in the details, and then how you swap out the revenues you lose as a result.

    But do you find her -- her moving into this quasi-leadership role in the new Senate as a sign that Democrats are still hard left and going to be hard-bargaining with you -- you new Republican majority.

    BARRASSO: Well, I think a number of Democrats are moving further to the left as a party and they are likely to do that in the nomination process next time for president.

    But I want to work with people that have voted for bipartisan bills in the House of Representatives that have been stuck on Harry Reid's desk, over 300 of them. There have been over 40 that are good jobs bills to get Americans back to work that Harry has been blocking votes in the Senate on. And we're going to bring those...

    (CROSSTALK)

    BARRASSO: ... to the Senate, and we're going to put those on the president's desk.

    CAVUTO: I know that. But what do you read...

    (CROSSTALK)

    CAVUTO: The by putting her in this type of position, he is more or less saying, liberals will have a very influential role, right?

    BARRASSO: Well, and it's interesting because the more mainstream candidates lose -- this has happened with -- in the elections this time, the more powerful Nancy Pelosi becomes, as her numbers shrink and shrink and shrink.

    CAVUTO: All right.

    BARRASSO: The number of Democrats coming into the House the next session, the last time, this is a historic low for them.

    CAVUTO: That's right.

    BARRASSO: The last time it was this low was in the '20s, when out in Hollywood they were moving from the -- the silent films to talkies.

    (LAUGHTER)

    BARRASSO: So, if that's -- that's where they are right now.

    CAVUTO: That was a while ago, Senator. That was a while ago.

    BARRASSO: So, and they're...

    CAVUTO: Thank you, sir.

    BARRASSO: And they're sticking with Nancy Pelosi and this tired team of Pelosi and Reid.

    CAVUTO: All right. OK. I will put you down as not quite a fan.

    In the meantime, Senator, thank you.

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