GOP, Democrats battle over health care as economy struggles

Swiss America CEO Craig Smith weighs in


This is a rush transcript from "Your World," July 11, 2012. This copy may not be in its final form and may be updated.

NEIL CAVUTO, HOST OF "YOUR WORLD": Doorgate is back, this time Democrats huddling with the president behind closed doors at the White House today.

Republicans really a short distance away up on the Capitol, where they just voted to repeal the president's health care law in the House. It's the 33rd such vote.

Nancy Pelosi calling it "legislation to nowhere." So are lawmakers on both sides just wasting time as the bad economic news just keeps rolling in? Another key business barometer today was down today.

Swiss America chairman Craig Smith says Washington needs to get its priorities straight.

But they never do, Craig. What's the business world doing in the face of all this?

CRAIG SMITH, CEO, SWISS AMERICA TRADING CORPORATION: Well, Neil, it's embarrassing, to be quite honest with you.

And to quote Cory Booker, it's becoming nauseating. Think about it. Speaker Boehner knows this is going nowhere, Neil. Mr. Obama is behind closed doors trying to figure how to get campaign votes. We have a nation that's dealing with 8.2 percent unemployment. As you said, wholesale orders are dramatically off.

We have an anemic 2 percent GDP. This is insane. And I think the average person is getting upset with it. And I talked to a couple of businesspeople on my way to the studio, Neil. I'll tell you, businessmen are getting more angry by the day. The Chamber of Commerce, 1,500 businesses were polled and 70 percent say ObamaCare or the Affordable Health Care Act is keeping them from hiring. So, Neil...

CAVUTO: So does a vote like this in the House, because it could be no more than Kabuki theater when you think about it-- it's not going to go anywhere in the Senate.

Even it were and it were to pass, the president would veto it, not enough votes to override that. So what do they think of that, that they are wasting their time or what?

SMITH: Yes, I think they are, Neil. And I think most commonsense people think that they're wasting their time.

Look, its politics. We have got to make sure that the Democrats are put on their heels for the election. The Democrats have to put the Republicans on their heels. I was just talking to a person here in the studio. It's like a food fight. You did it. No, you did it. No, you did.

I mean it's crazy. I remember back in 1981, Neil, when I started my business, President Reagan took office. He made me believe in me and made me believe in this country. With $50, I built a business -- and I'm proud to say this -- that does $100 million a year.

Now, all of a sudden, I feel I've done something wrong, because this president is telling me that I got there the easy way that it was given to me. Is he joking me? I worked 18 hours a day, seven days a week for 10 years to build this business and now I'm being vilified.

And then I watch what's going on in the Republicans -- with the Republicans in Congress and the president behind closed doors. It's time to stop their nonsense and realize we have a great nation here that needs their leadership and needs them to put their nonsense on the back burner.

CAVUTO: Do you think then that Republicans then have to make some sort of a deal, either on taxes or something, before the election just to show that they are not, as they are being framed now, the party of no? Or what they do they?

SMITH: No, I agree. That's a great point, Neil.

I think they need to come out and say, here's what we will do. We will stick to it. There's no compromise. This is what we're going to do. I also think they need to say, look, we're not going to be able to appeal -- repeal ObamaCare unless we get majorities in the Senate and the Congress and you return the White House to the Republicans. We cannot repeal it.

The polls are clear. Sixty percent of the American people do not want it. But they're so scared that that could cost them the election. It's time to forget about elections and start focusing on the nation, Neil.

Look at what you guys report on Fox Business. Look at what's happening. Business is literally frozen, Neil. I see it all time. Stuart Varney interviews people. It's ridiculous. It's time to bring confidence back.


CAVUTO: But they're not opening their wallets. They are not opening their wallets.


CAVUTO: Go ahead.


SMITH: What did Ronald Reagan do, though, Neil? He gave us confidence. He made us believe we can do it. That's what we need coming out of the White House. And I could care less what Congress does.


CAVUTO: All right.

Craig, always good to have you, my friend -- Craig Smith.

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