This is a rush transcript from "Hannity & Colmes," July 10, 2008. This copy may not be in its final form and may be updated.

SEAN HANNITY, CO-HOST: Here we are, just 117 days away from election day. And the Unity Tour has descended upon New York City. Barack Obama and Hillary Clinton held two events in the city that never sleeps, including a joint fundraiser. The Democratic nominee was looking to solicit money from supporters in an effort to help settle Clinton's campaign debt, but as you can see from the following video, Obama seemed to forget why he was actually there.

(BEGIN VIDEO CLIP)

SEN. BARACK OBAMA (D-IL), PRESIDENTIAL CANDIDATE: Hold on a second. I was getting carried away. I've got one more thing that is important, but don't worry, this is not — this is not the speech part, but it is important. Senator Clinton still has some debt.

(END VIDEO CLIP)

HANNITY: The sudden solidarity among the two former rivals has the dream ticket rumors swirling again. So is Hillary Clinton still on the VP radar?

With us now, former Clinton advisor Howard Wolfson.

Howard, how are you?

HOWARD WOLFSON, FORMER CLINTON ADVISOR: Very well. Thank you. Good to be with you.

Video: Watch the interview with Howard Wolfson

HANNITY: Welcome aboard as a contributor.

WOLFSON: Great to be here.

HANNITY: I don't think we'll be agreeing often, but I don't agree with this guy next to me either.

COLMES: What's his name?

WOLFSON: That makes for good television.

HANNITY: All right. Let me start with this simple basic questions. I think everybody wants to know. The rumors have been swirling, and has Hillary been asked to participate in the process, the vetting process for VP?

WOLFSON: Not as far as I know. You know, there is more information about Hillary Clinton available in the public record than just about any public figure in America. She's been vetted now for a long time.

She's got 30 years of taxes in the public record, financial disclosure forms, she ran for president obviously for 18 months, and every news organization in America had multiple teams of reporters looking at all aspects of her career and her biography.

So there's a lot of information out about her that I know Senator Obama is privy to, and that may be sufficient for him to make whatever decision he wants to make.

HANNITY: There's been a lot of talk about what her role in the convention is going to be and a little bit of a controversy about that. Also there's been a lot of talk about if Barack Obama does not do a lot to help her retire this campaign debt, that their support will not be as strong. Any of that true?

WOLFSON: Well, I think it's in both Senator Clinton's interest, obviously, but also in Senator Obama's interest to help retire this debt in the spirit of unity. It's not atypical for the winning candidate to help the candidate who is the runner up retire the debt.

Senator Clinton has done everything that she can since dropping out to support Senator Obama, to urge her supporters to support him.

HANNITY: Well, let me ask you this.

WOLFSON: And hopefully Senator Obama will also be helpful.

HANNITY: You know Senator Clinton as well as anybody. And I'm sure you guys, I know you were complaining that a lot of the media was not doing their job in terms of vetting Barack Obama. There was a lot of contentiousness there, a lot of battling back and forth. Bill Clinton even said they played the race card against him in the campaign.

A, do you think all of that is true, and B, would Hillary Clinton accept the vice presidential position if asked?

WOLFSON: Well, Hillary Clinton has made very clear that she will do whatever it is she's asked to do to be helpful to Barack Obama. The decision is his, and it's his alone, and that's how it should be. There shouldn't be any pressure put on him.

The timetable should be his own, and the decision should be his own. And Senator Clinton will do whatever she's asked to do, as she has done since dropping out. She's repeatedly urged her supporters to help Senator Obama. She's gone and campaign with him. She's raised money for him. And she'll continue to do that.

ALAN COLMES, CO-HOST: Howard, let me join Sean in welcoming you to FOX News. Good to have you aboard.

WOLFSON: Good to be here.

COLMES: Let me ask the vice-presidential question from another angle. Do you think it's likely she'll be on the ticket?

WOLFSON: You know, I think it's very difficult, you know. If you ask me, I'm not the most unbiased person in the world, but I think she'd be a huge asset to the ticket. I think she'd be a great addition.

Whether or not Senator Obama decides to choose her is up to him. There are a lot of good people that he could choose. And I don't think we'll know. It's a very personal decision, and until he makes a decision, we won't have any idea.

COLMES: Do you have any information about how they've kind of come together and made peace? And have they smoothed out some of those rough edges?

WOLFSON: They have. You know, it was a difficult primary at times. It was a long primary. It was a very close primary, but these two people are both very invested in the Democratic Party.

Senator Clinton has spent her whole life working for Democratic candidates and causes. She first worked for Democratic for president back in 1968. So she's very committed to ensuring Barack Obama gets elected, and she is working as hard as she can to urge all of her supporters to support Senator Obama. It's now time for everybody to get together.

COLMES: Howard, as you know, I've been a Hillary Clinton supporter. Was during the campaign.

WOLFSON: And we appreciate it.

COLMES: But — and I said I would support the nominee.

HANNITY: And by the way, I was not a Hillary Clinton supporter.

COLMES: I didn't know that, Sean. That's breaking news. Put the alert on the bottom of the screen.

WOLFSON: Sean, it's not too late.

HANNITY: Actually, it is. She lost.

(CROSSTALK)

COLMES: But my question is there are people, unlike me, who are having a harder time, perhaps, jumping on the Obama bandwagon. How do you convince those who are loathe to do so to make that move?

WOLFSON: Look, I understand why people are disappointed. I'm disappointed. Senator Clinton is disappointed. You don't run for president for 18 months and you don't try to get something elected for 18 months unless you are really invested emotionally in that outcome.

But the choice is not now between Senator Clinton and Senator Obama. The choice is between Senator Obama and Senator McCain. And on all of the issues that Senator Clinton feels strongly about and her supporters feel strongly about, the choice is clear.

We can't continue with the current Bush policies by electing John McCain. We need a new direction. That's the kind of direction that Senator Obama would offer.

And that's what Senator Clinton is telling her supporters: "You may have wanted me to be the president. That's not a choice we have any more. Now the choice is clear, with Senator Obama."

COLMES: Stylistically, they're different, but in terms of the actual issues, do you see much daylight between them?

WOLFSON: There were some issue differences during the campaign that came out, but the differences that separate Senator Clinton and Senator Obama are tiny compared to the differences that both of them have with John McCain. And I think that, as time goes on, Senator Clinton's supporters will see that and will, I think, in the end enthusiastically come to support Senator Obama.

COLMES: Howard, great to have you here. Welcome again to FOX News. Hope to see you again here real soon.

WOLFSON: Yes.

COLMES: Thanks very much.

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