Gov. Sununu: Obama denying the American dream

This is a rush transcript from "Hannity," July 24, 2012. This copy may not be in its final form and may be updated.

SEAN HANNITY, HOST OF "HANNITY": And today, with only 105 days to go before voters head to the polls, the presumptive Republican nominee for president spoke to a group of great Americans. Now, at the VFW National Convention, Governor Mitt Romney vowed to the audience of veterans that were in attendance that his administration will never apologize for the greatness of this country. Watch this.

(BEGIN VIDEO CLIP)

MITT ROMNEY (R), PRESIDENTIAL CANDIDATE: The president's policies have made it harder to recover from the deepest recession in 70 years, exposed the military to cuts that no one can justify, compromised our national security secrets.

(APPLAUSE)

And in dealings with other nations, he has given trust where it is not earned, insult where it was not deserved and apology where it is not due.

(APPLAUSE)

HANNITY: Now, that standing ovation comes less than 24 hours before Governor Romney plans to embark on an international trip that will take him somewhere that President Obama has avoided while in office, that of course being Israel, America's closest ally in the Middle East. But as a brand new RNC ad points out, this cold shoulder to the Israeli people is merely one more thing that is trumped on the president's priority list by, you know, things like golfing and fundraising and parties. Take a look.

(BEGIN VIDEO CLIP)

PRESIDENT OBAMA: This has not been a show council. This has been a work council.

(INAUDIBLE)

Sometimes people forget the magnitude of it. Sometimes I forget. The private sector's doing fine.

If you got a business -- you didn't build that. Somebody else made that happen.

UNIDENTIFIED WOMAN: The Republican National Committee is responsible for the content of this advertising.

(END VIDEO CLIP)

HANNITY: Yes, you didn't build that. And joining me once again to talk about the current state of the 2012 campaign, former New Hampshire governor, Romney adviser -- I guess you can call him a one-man, Romney- supporting wrecking crew, John Sununu is back. How are you, sir?

JOHN SUNUNU, ROMNEY SUPPORTER: I'm back. You know, the problem is the president actually believes that garbage. And that's what's wrong with this administration.

(LAUGHTER)

HANNITY: You come in firing right out of the box. You know, what's very interesting to me, because you've been on the program and you debated Juan Williams, he'll be here later tonight, and people say, that's what Romney needs. They need to fight harder and harder and harder. Why aren't the surrogates as passionate as you are?

SUNUNU: Well, they are probably not as crazy as I am. So, that's a great advantage.

(LAUGHTER)

Look, let's talk a little bit about what this President just -- those pieces in there. That's a president that first of all, tells the business community they didn't do it. And then he drags this thing out by trying to pretend that that's not what he meant. Now, you know that's what he meant because when he goes into that funny talk cadence of his, you know he's going to introduce class warfare. And that's what he did with that statement. He condemns success. He wanted the business people and his constituencies to think that all business success should be shared with everyone, that there is nothing individual about it. That's denying the American dream.

HANNITY: All right. So, he hasn't -- you know, if you look at his record, he has played a lot of gulf, has a ton of fund-raising, a lot of Hollywood friends. Anna Wintour, Sarah Jessica Parker. All right. We know what he's been doing. So, the President goes out today, I am going to play two cuts back to back. He says we don't need top-down economics; he's playing the class warfare card. And then he claims that his plan worked. Let me roll these for you.

(BEGIN VIDEO CLIP)

OBAMA: We don't need more top-down economics. I've got a different view. I believe that the way you grow the economy is from the middle out.

(CHEERS AND APPLAUSE)

I believe that you grow the economy from the bottom up. I believe that when work and people are doing well, the country does well.

Just like we tried their plan, we have tried our plan and it worked. That's the difference.

(CHEERS AND APPLAUSE)

That's the choice in this election. That's why I'm running for a second term.

(END VIDEO CLIP)

HANNITY: Your reaction to that, Governor.

SUNUNU: Yes. His plan worked. 8.2 percent unemployment. And yes, the private sector is doing fine. This -- this campaign -- this President, his administration and his campaign are delusional. They are out there trying to convince, first of all themselves, that things are OK. And then they are trying to convince their constituents. Einstein had a saying that insanity is doing the same thing over and over again and expecting a different result. That in my opinion is also a definition of incompetence. And that's what these guys are doing, the same thing over and over again, keeping us at 8.2 percent and somehow, they are expecting a different result -- it doesn't work.

HANNITY: I think, well, it hasn't worked. But we have $5 trillion of debt on top of that. Now, when George Bush was president and he was running in July of 2008, he said that George Bush was irresponsible and he used this word -- unpatriotic for $4 trillion in debt that George Bush accumulated in eight years. He accumulated $5 trillion in three-and-a-half years and we have fewer Americans working today. How does he make the case that America's better off, or can he?

SUNUNU: Well, America's not better off and he knows it in his heart. And that's what you're seeing in his deff's (ph) effort. The silliness of letting or being ignorant about the fact that his White House leaked intelligence data that is crucial to America is horrible! And that's an act of desperation in a campaign.

Senator Feinstein said yesterday that it did come out of the White House. Today, she got Cory Booker'ed (ph) and she walked it back. But the fact is.

HANNITY: Corey Booker'ed.

SUNUNU: This President is trying anything to change the subject from his failures as a President.

HANNITY: Corey -- we're not going to use Cory Booker'ed to walk back any comment that you make. But it was embarrassing because I thought he spoke his mind and he was forced to do something, you know, some are comparative to like a hostage video that he made.

All right. Let me go to this. The campaign is now in the red, the last two months. They have outspent the Romney campaign, meaning Obama by two to one in the last two months. They had all of these attacks, the latest being the Bain attacks. The poll numbers show that the President's unfavorable rating is, you know, his favorable rating now is down to 36 percent in CBS/New York Times. Can he win with re-elect numbers like that? Unfavorable rating at 48 percent?

SUNUNU: It makes it awfully hard. And look, we have to give the Romney campaign some credit. They knew that they were going to get this kind of an attack between the time they kind of clinched the nomination and the convention. That's the weakest time for a challenging nominee. And they have held their fire and let the President raise his own negatives. The President has spent all that money raising his own negatives. There are people out there that still think this man is smart. How you can think he is smart when he is spending that kind of money to raise his own negatives?

HANNITY: Do you have any thoughts on who Governor Romney should pick for Vice President?

SUNUNU: I think it's going to be one of the names that have been floated around. And I'm a great supporter of what I call the safe pick, either Pawlenty or Portman or Rubio or someone like that or McDonald. They're all good people. The great advantage that the Republican Party has today on that issue is there is a lot of great choices.

HANNITY: Right now, there is a reason why I call you the one-man Romney, you know, supporting wrecking crew. You know that, Governor. Thank you for being with us.

Content and Programming Copyright 2012 Fox News Network, LLC. ALL RIGHTS RESERVED. Copyright 2012 CQ-Roll Call, Inc. All materials herein are protected by United States copyright law and may not be reproduced, distributed, transmitted, displayed, published or broadcast without the prior written permission of CQ-Roll Call. You may not alter or remove any trademark, copyright or other notice from copies of the content.