This is a rush transcript from "The Big Story With John Gibson and Heather Nauert," October 5, 2007. This copy may not be in its final form and may be updated.

HEATHER NAUERT, CO-HOST: Now we're on to the big outrage tonight. It's the editor of Colorado State University's student newspaper. He gets to keep his job after calling President Bush the F-word.

Jay David McSwane, you may recall, generated a great deal of controversy when he published an editorial on September 21st, which simply read, "Taser this, bleeping Bush."

The editorial was in response to an incident that happened at the University of Florida where a student was stunned with a taser during a John Kerry event. We all remember that one, that — "don't tase me bro'."

Here with more on why CSU decided not to fire McSwane and to get the campus reaction is our own Griff Jenkins in Washington. Griff?

GRIFF JENKINS, FOX NEWS: Hey Heather. Look, folks were utterly shocked on campus two weeks ago to find the F-bomb boldly printed in their school newspaper. And they have appeared just as surprised today to learn the fate of editor-in-chief, David McSwane.

Now despite the enormous amount of public outcry and significant loss of advertising dollars, as well as threats from parents who might pull their kids from the school, McSwane will keep his job after getting a slap on the wrist from the student communications school board, who simply quote, "Admonished him."

Perhaps they should have washed his mouth out with soap you ask? Not so. And today, in the "Rocky Mountain Collegiate," the editorial board applauded the decision. Writing, "Regardless of what detractors may say, 'The Collegian' isn't going anywhere. It will take far more than four words and a media storm to bring down your student paper."

And it continues, "And to the CSU College Republicans, we would like to congratulate you on your decision to start a competing paper. Good luck, we're sure FOX News will be very kind to you when you alienate the liberal college population."

I spoke with CSU college Republican chairwoman Chelsey Penoyer and here is what she had to say:

(BEGIN AUDIO CLIP)

CHELSEY PENOYER, CHMN., CSU COLLEGE REPUBLICANS: I'm just not surprised, because it is the collegian. We started up this newspaper idea a couple of weeks before this whole controversy started because we had finally gotten sick and tired of our left-leaning paper that the other voice of campus was never heard and that's why we started this. So it doesn't surprise me one bit that they would be tacky and classless and put something like that in.

(END OF AUDIO CLIP)

JENKINS: Now Heather our calls to Mr. McSwane and the Rocky Mountain Collegian went unanswered and perhaps some of the most outraged folks over these latest developments are students like Tom Andrews who finds himself laid off due to the lack of ad dollars. He called this whole thing really disgusting.

NAUERT: All right, Griff Jenkins in Washington. Thanks for staying on top of the colleges, we appreciate it.

Content and Programming Copyright 2007 FOX News Network, LLC. ALL RIGHTS RESERVED. Transcription Copyright 2007 Voxant, Inc. (www.voxant.com), which takes sole responsibility for the accuracy of the transcription. ALL RIGHTS RESERVED. No license is granted to the user of this material except for the user's personal or internal use and, in such case, only one copy may be printed, nor shall user use any material for commercial purposes or in any fashion that may infringe upon FOX News Network, LLC'S and Voxant, Inc.'s copyrights or other proprietary rights or interests in the material. This is not a legal transcript for purposes of litigation.