This is a rush transcript from "Your World with Neil Cavuto," January 10, 2008. This copy may not be in its final form and may be updated.

NEIL CAVUTO, HOST: To the political storm, and the Democratic presidential field getting a little bit smaller: minutes ago, New Mexico Governor Bill Richardson officially dropping out of the race, talking to us first.

Governor, very good to have you. I'm sorry under these circumstances.

GOV. BILL RICHARDSON (D), NEW MEXICO: That's all right, Neil. Thank you for having me.

CAVUTO: This is all a game of momentum. And never mind the fact two states voted; 48 haven't. One percent voted; 99 percent haven't. But, in this game of momentum, you didn't have it.

What now?

RICHARDSON: Well, we didn't do well in the early states. And then, to enter the West, where I'm strongest, I didn't have the resources.

What now for me? You know, I'm just happy I altered the shape of the debate. I moved most of the Democratic candidates to my position on getting all the troops out, on the cleanest energy, renewable energy position, on reforming education, No Child Left Behind, scrapping it.

So I feel I had a role in the debate.

What now for me? I just want to be a good governor here in New Mexico. I want to ride my horse. I'm going to continue my international missions.

You know, I love this job of being governor. You know that. So, again, you move on. You move on. But I will be active in the national debate. I'm not — I'm not retreating to obscurity.

CAVUTO: Are you supporting anyone?

RICHARDSON: No, I'm going to stay loose for now. I just think that, right now, for instance, in the West, we have got a lot of very important primaries coming up, Colorado, Arizona, New Mexico, California, Utah. And I want those states to really emerge strong in the presidential process.

You know, the West has been ignored. If I stick my head in before those, it shows that I'm trying to shape the debate. And I don't want to do that.

We have got some very good candidates, Neil. And I'm going to stay loose for now. I'm going to focus on being governor of New Mexico. I have got my legislature starting next week. And, you know, I'm very content. I feel honored to have run for president. It's a great country. I'm positive about America. I have great remembrances. I have no regrets. You know, I just — I'm a happy guy that I had this honor of running for president.

CAVUTO: Does it bother you on any level, Governor, that you have probably one of the most impressive resumes in the group running on either party, yet, nothing?

RICHARDSON: Well, what we do need, Neil, is reform of the financing of presidential and other campaigns. We need public financing, because, you know, when you're outspent 10-to-1, my message of experience and change, in other words, what you mentioned, my resume, what I have accomplished, it gets drowned out by more resources that other campaigns have, by celebrity, you know, by political lineage, which I don't have.

And the national media does shape this campaign. And they chose to make it a three-person race. Look, I'm not complaining about that. I needed to show some movement in the polls. And, in the Fall, I started to moving up, but, then, when the candidates turned on all their media blitzes and TV ads, it was hard to compete.

And, so, I was heading into Nevada wanting to go in, having a good organization there in the West, but with hardly any resources. They had been depleted by Iowa and New Hampshire.

So, I don't want to be a sore thumb and hang out there and, you know, just for the sake of participating in debates. When I enter something, I want to win. And I felt it was going to be really uphill. And, you know, the public deserves, I believe, to see the top three candidates and make the decision without somebody who obviously is not moving up. So that was me. So, I decided the best thing is to drop out.

But I'm going to be shaping the debate. I'm not going to retreat. You know, I'm active in the West. I'm Hispanic. The Hispanic community is growing. I'm going to continue my international missions, try to rescue people, bring peace around the world in some way.

CAVUTO: Well, you know, it's all — it's all of the above that would seemingly make you a very nice running mate for whomever takes this prize. Would you be open to that?

(LAUGHTER)

RICHARDSON: Well, I'm going to just concentrate on being a good governor.

You know, I have got the best job in the world, Neil. I have always said that. I can now ride my horse again. I can...

CAVUTO: Yes, but...

RICHARDSON: ... spend time with my family.

CAVUTO: But you wanted — obviously, you wanted a better job. You wanted to be president. That didn't happen. So another pretty good job is vice president, you know?

(CROSSTALK)

RICHARDSON: Well, I'm happy where I am. But for now, I'm going to — I'm going to stay active, but concentrate on New Mexico.

They were great to me. We had hundreds of New Mexico volunteers, big fund-raising out of my state. They really turned on to help me.

CAVUTO: They did.

RICHARDSON: Now I have to dedicate chance to helping my state, which I love. And, you know, I'm a happy guy. I'm satisfied.

CAVUTO: All right, but I was just thinking that Barack Obama, if he should be the nominee, relatively new, relatively untested, he could probably use someone with some experience, right?

(LAUGHTER)

RICHARDSON: Well, you know, I'm happy where I am.

(LAUGHTER)

RICHARDSON: Again, Neil, I will let you guys decide all that stuff.

CAVUTO: What did you make of John Kerry endorsing Obama today?

RICHARDSON: Well, you know, it's an urge that those that have been on the national stage, like Senator Kerry, wanting to stay on the national stage. It was interesting. I didn't expect that. You never know how these political coalitions evolve.

I was very happy this morning. I received calls from every candidate, from Obama, Clinton, Edwards, President Clinton. Even Mike Huckabee called me. Now, that's a class guy. Of course I know Mike. He's a fellow governor.

But, you know, there are some very good things about the American people, about politics, Neil, that make me — make me happy today. I know I didn't answer your question.

CAVUTO: No, you didn't. But you're such a nice guy, Governor, today it doesn't matter.

But, Governor, always good seeing you. I have a feeling we have not heard the last. We wish you well, sir. Thank you.

RICHARDSON: Thank you. Thanks, Neil.

CAVUTO: All right. Governor Bill Richardson.

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