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Sen. Jeff Sessions on 'True Cost' of Big Three Bailout

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

NEIL CAVUTO, HOST: To Capitol Hill and the Big Three bailout. Forget $14 billion — try $50 billion.

Republican Senator Jeff Sessions joins right now.

So, despite the fact that this $14 billion almost seems paltry, Senator, you're arguing it's a head-fake. Why?

SEN. JEFF SESSIONS, R-ALA.: Well, because the way it was proposed by the Democrats a few days ago, even yesterday, it really amounted to about $49 billion, the way it was actually written.

Video: Watch Neil's interview

But, today, the White House has announced a — a deal that they have made with the Democratic leadership, not supported, I don't think, by all Democrats, and it has really gotten a number of Republicans' backs up...

(CROSSTALK)

CAVUTO: Yes. By the way, they bypassed you entirely, Senator.

SESSIONS: Yes.

(CROSSTALK)

CAVUTO: They bypassed Republicans entirely.

What do you think of that?

SESSIONS: I think there is a deep unease about that, very deep disappointment, that the White House would go to this extent to try to pass out this money in a way that really leaves the czar with very little power other, than to convene a meeting.

(CROSSTALK)

CAVUTO: Well, then what do you expect out of the president, Senator?

Senator, I'm sorry. We're a little crunched here, because we're expecting the congressman to speak soon.

SESSIONS: Yes.

CAVUTO: But do you think that, when the president calls Republicans, presumably to rally around this reduced measure, he will have a sympathetic ear?

SESSIONS: No.

As a matter of fact, if they do vote for it, it won't — it will be in spite of their unease and disappointment with the way this was negotiated.

CAVUTO: Senator, we are waiting to hear from Congressman Jesse Jackson Jr., supposedly Senate candidate number five in this Illinois governor scandal, pay-for-play thing.

How much is this affecting what could be the Obama economic agenda?

SESSIONS: Well, it could affect it. It certainly could.

But the numbers being floated are so huge, Neil. Today, in our Energy Committee, we had witnesses promoting an Obama-like jobs, green jobs agenda, talking about a $700 billion stimulus package, much of which they would like to see go in that area.

These numbers are so huge that I do think there is a possibility of abuse, reckless spending, abusive political spending, which always occurs in these circumstances. And I think it behooves us all to be constantly alert that the public interest is being served.

CAVUTO: All right, Senator, thank you very much.

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

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