Updated

This is a rush transcript from "America's Election HQ," August 7, 2008. This copy may not be in its final form and may be updated.

HEATHER NAUERT, HOST: NAUERT: Lots of prominent Democrats appeared in this ad. And clearly, they have a lot of respect for John McCain. My next guest says that a Democrat on the Republican ticket could be possible.

Joining me now is former presidential candidate and former New York City mayor, Rudy Giuliani.

Welcome, Mr. Mayor.

RUDY GIULIANI, FORMER PRESIDENTIAL CANDIDATE: Hi. How are you, Heather?

Video: Watch Heather's interview with Rudy Giuliani

NAUERT: So, earlier today, you said that it's possible that John McCain might reach across the aisle and.

GIULIANI: I have no inside information, I have insight into it. And John will make the decision he thinks is the right one but I don't think it's impossible.

NAUERT: So, you think there's some chance that he could reach across the aisle, maybe a Joe Lieberman or someone?

GIULIANI: There's some chance. Sure, sure.

NAUERT: OK. And.

GIULIANI: And you look at that, I mean, that ad is actually hilarious, particularly the way it ended with Hillary.

NAUERT: A lot of very prominent Democrats in that ad.

GIULIANI: Yes, I think you have John Kerry in that ad and Joe Biden.

NAUERT: John Kerry (INAUDIBLE) and Joe Biden in this ad and there's a flurry of e-mails that came out today, they're all denouncing John McCain saying, "OK, well, he was an OK guy back then, but look how far he has moved himself and how much he has embraced president Bush."

GIULIANI: He actually hasn't. I've known John — I've known John forever, I mean, a long time. He's a very good friend and it is essentially the same John McCain that I knew 10 years ago, 15 years ago, same positions — same positions on climate change and same positions on energy. I mean, it's essentially the same guy.

NAUERT: Do you think he'll end up regretting this ad any sense and that it could potentially hurt him with his conservative base?

GIULIANI: I don't think so. Look, you've got to be president for all the people. Yes, he is a Republican. Yes, he is a conservative. But most of all, he's an American. I mean, that's the thing about John McCain that makes you admire him. You know, it all comes from his great love of this country. So, he's going to put the country first. And the party is important but the party comes second. The country comes first.

NAUERT: OK. That's certainly a theme that he's been echoing this week and last. You said that he should wait until after Barack Obama picks his V.P.

GIULIANI: I said I would wait. But, you know, he's going to make the decision, he wants when he wants to make it. I'd like to have all the information available including who Barack Obama picks.

I would imagine that at this point, John has it down to four or five people who he would be satisfied with, would be good president, but then he's got to pick the one that will be a very good president — can step right in, take over in a moment's notice, but also, obviously, one that will help him win the election.

NAUERT: What do you think he needs?

GIULIANI: Well, he needs someone that can pass that first test. If you can pass that first test, then it's, you know, six of one and a half dozen of another. First test is someone who can step right in, take over the presidency on a moment's notice. Given the world we're living, that probably has always been the right test.

NAUERT: Right.

GIULIANI: But I think we now know that that's the right test.

NAUERT: Well, we talk about so many things now. Do we need — does he need a younger person? Does he need, you know.

GIULIANI: I think he needs an experienced, he needs a person with experience, with background, and someone he's confident can be his partner — because the vice president now has to be a partner in the sense of the vice president has to know what's going on, has to be part of it. We live in a world in which things happen so fast that we need a vice president who's ready.

I remember on September 11 -

NAUERT: No one knows that better than you.

GIULIANI: I remember on September 11, being told the vice president was going to call me back, I didn't know what happened to the president that morning. And the idea that Dick Cheney was going to call me back, you know, first, I thought, where is the president, what happened to the president, and I said, "Well, Dick Cheney is a man who has the background and experience to handle this. Have done the way he has to."

But, I mean, thank God that wasn't the case and President Bush was OK, but that's something we have to be ready for.

NAUERT: I can't let you get out of here without asking you about Brett Favre. Are you are excited having him coming to the Jets?

GIULIANI: Sure, I'm very excited — I'm very excited about it. I'm a Giants fan, but I like the Jets, too, but I'm really a Giant fan.

NAUERT: Not bad to have a good player (INAUDIBLE).

GIULIANI: But I love watching football, and he's going to make New York football even that much more exciting. He and Manning, two great quarterbacks, younger, hopefully on his way to the Hall of Fame, but one who definitely is going to get in in Brett Favre.

NAUERT: Yes. So, we're going to have to leave there. Thank you so much, Mayor Rudy Giuliani. Thank you.

GIULIANI: Thank you.

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