Backing McCain

This is a rush transcript from "Your World with Neil Cavuto," January 30, 2008. This copy may not be in its final form and may be updated.

NEIL CAVUTO, HOST: California, Rudy Giuliani, John McCain arriving just moments ago. They are heading to the Reagan Library, where Giuliani is expected to throw his support behind McCain.

Are we looking at the Republican ticket here?

Steve Forbes, the national co-chair of the Giuliani campaign, with more on that.

What do you think, Steve?

STEVE FORBES, PRESIDENT & CEO, FORBES INC.: Oh, I would hope so, but I don't think Senator McCain is really going to focus on the vice presidency until he actually secures the nomination. Then he is going to want to see who secures the Democratic nomination and figure out not only who could succeed him, but also who can most help him in the election.

So, there's still a lot of variables, question marks out there. And I don't think he is really going to look at it for at least a month or two.

CAVUTO: You know, I have talked to a lot of Wall Street guys and read even in your fine magazine concern about John McCain and his inconsistency on tax cuts, more to the point. Is that going to be a tough pill for people to swallow in the party?

FORBES: Well, I think the — the key is, where do you stand today? Where do you — where do you stand for the future? It's one thing to have sinned in the past, when Senator McCain voted against those tax cuts in 2001 and 2003.

But the question is, what is he going to do for the future? Just to put it in context, Neil, Ronald Reagan raised taxes as governor of California, but he was one of the biggest tax-cutters in American history when he got to the Oval Office.

CAVUTO: But, in '86, of course, some of those tax cuts went away.

So, I guess — is anyone pure on this subject to you, Steve?

FORBES: Well, no, and that's what you — that's why I'm an agitator and an advocate, trying to move the ball forward. But...

CAVUTO: Well, who would be preferable to you now? I know your guy is going to — to McCain. I mean, Romney has a tax-cutting record — or — some dispute that.

(LAUGHTER)

CAVUTO: Where do you — where is your edge? You're — you're going to be in demand as an economic adviser.

(LAUGHTER)

FORBES: Well, Governor Romney, it would be dependent on how you define a tax cut. He calls it fee increases and loophole closing when he raised taxes. So, he's...

CAVUTO: So, you, like — like Rudy Giuliani, sound like a McCain man.

FORBES: That's where I'm heading right now, I think. We will see how...

(CROSSTALK)

CAVUTO: Are you going to be an economic adviser, then, to him?

FORBES: I have no idea. This has all happened so suddenly. So, I will know in the next day or two.

But, certainly, of the candidates out there, I think John McCain has exhibited great signs of growth.

CAVUTO: All right.

FORBES: So, I may be there before long, Neil.

(LAUGHTER)

CAVUTO: We will be looking for you.

Steve Forbes, thank you very much.

FORBES: Thank you.

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