This is a rush transcript from "Hannity," November 4, 2009. This copy may not be in its final form and may be updated.

SEAN HANNITY, HOST: And that is where we start tonight in Richmond, Virginia at the McDonnell victory party where former Governor George Allen and Virginia Congressman Eric Cantor join me now.

Guys, if these numbers hold up, it's going to be a 21-point victory tonight. You add that to the six points that Barack Obama won just a year ago.

Governor, what do you think of what's happened there tonight?

GEORGE ALLEN, FMR. VIRGINIA GOVERNOR/SENATOR: Well, it's an out and out rout here in Virginia. And it's a rout because Bob McDonnell's campaigned on common sense conservative principles on economic issues, jobs, energy, transportation, education, and those ideas resonated not only with the united Republican Party but also got a lot of independents to join with us as well.

Video: Watch Sean's interview

So it's a great message across the country that Virginians are standing strong for freedom rather than debt, taxes and rationing and taxing of energy.

HANNITY: Looks like you are having too much fun there, Governor. Congressman.

ALLEN: Yes, well, we are.

HANNITY: Congressman, as we look at this race, this is a rout here in Virginia, in a state that Barack Obama won by six points. What's your interpretation of this?

CONGRESSMAN ERIC CANTOR (R-VA.): Sean, there is no question about it. We are having a tremendous victory here tonight. And really, what's interesting is that Bob McDonnell ran a positive solutions-based campaign. And clearly the voters of the commonwealth have rejected the policies of the Barack Obama White House, of the Nancy Pelosi-led Congress.

And it said enough with the spending, enough with the waste. Enough with the policies that are promoting government incursion in our lives. And instead they have made a choice. And that choice is with a positive, solution-based focus of Bob McDonnell, common sense conservative principles that we know started this commonwealth in this nation.

HANNITY: All right. We are still watching, guys. We have a very close race going on in Virginia.

Governor, we had back in 1993, we had bellwether races that we all followed, Virginia and New Jersey, interestingly enough. And it became a predictor for a lot of what happened with the Newt Gingrich revolution in 1994.

Regardless of how this race comes in tonight in New Jersey, do you think we see something similar developing?

ALLEN: You know, I see it as a precursor having been that one in 1993, that one we ran on an aggressive agenda, very audacious. Eric was a big ally and a lot of those successes for jobs and so does Bob McDonnell and legislature.

And then this year, the issues that are being debated in Washington have residence here in Virginia. They are against cap-and-trade that would cause skyrocketing electricity and job-killing taxes. They are against government takeover of health care.

Against card check, which would do away with private ballots and unionization efforts and they are very much concerned about the dangerous debt mounting on our children in future generations.

And so I think Eric has re-bolstered in Washington as he is fighting for freedom and opportunity and prosperity because Virginia is once again leading the way.

HANNITY: Congressman, we'll be asking this question to many of our guests throughout the evening tonight. Do you believe -- especially we may have a health care vote in the House where you work as early as Friday. Do you have believe that this is a referendum vote on President Obama?

CANTOR: Sean, this is, akin to the Allen revolution that started in Virginia in 1993 and sparked an incredible takeover of the United States House of Representatives in 1994. And what this is tonight, this victory here led by Bob McDonnell is a warning shot.

And it says to the moderate Democrats in the House they ought to think twice about continuing to pursue the policies being proposed by this White House and Nancy Pelosi. Enough with the extreme agenda. We either return back to the common sense, conservative principles of free market, of individual responsibility of entrepreneurialism, that's what made this country great.

And we ought to say no to the government takeover of health care that is being proposed on the floor of the House this week.

HANNITY: All right. Congressman, Governor, thank you both for joining us tonight.

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