This is a rush transcript from "The Five," October 16, 2012. This copy may not be in its final form and may be updated.
BRIAN KILMEADE, GUEST CO-HOST: Remember when then-candidate, Senator Obama, said this in 2008?
(BEGIN VIDEO CLIP)
THEN-PRESIDENTIAL CANDIDATE BARACK OBAMA: I will also go through the federal budget line-by-line, eliminating programs that no longer work and making the ones we do need work better and cost less.
(END VIDEO CLIP)
KILMEADE: Well, the president has yet to do that so the Republican budget hawk has.
Oklahoma Senator Tom Coburn, also a doctor, just put out the 2012 congressional waste book and it's filled and highlights billions of dollars of ridiculous government spending.
You want some examples of the tax dollars at work? You got $516,000 for video game that simulates prom night. Not Bob's, others.
Study golfers and their imagination, $350,000.
A million bucks to NASA for doing something with pizza on Mars.
And tens of millions of dollars for tax loophole for the NFL, NHL -- which are on strike -- and the PGA.
And something none of us could live without, $325,000 to develop a robotic squirrel to capture snakes.
BOB BECKEL, CO-HOST: It does look like Greg.
KILMEADE: Thank you.
Senator Tom Coburn says better priority and oversight could save taxpayers $19 billion.
Does this bother you, Eric? Because it's not $1 trillion.
ERIC BOLLING, CO-HOST: Yes. So it's 202 pages of this book, I downloaded it.
ANDREA TANTAROS, CO-HOST: You print it?
BOLLING: Part of it.
This is on page 10, $4.5 billion in waste, fraud and abuse in food stamp program. Now, that's a ton, $4.5 billion.
And then you look at the federal spending. So I went and juxtapose it to federal spending. We are up in the last 10 years over 130 percent in food stamp spending. We're spending more and we're wasting a ton more.
KILMEADE: Angela? I'm wondering --
TANTAROS: Yes, Ryan Kilmeade.
KILMEADE: I apologize. Andrea, because you used to call her Ange --
KILMEADE: What's the big deal?
We're -- we have put $6 trillion into the deficit. What's the big deal about $19 billion?
TANTAROS: Ryan Kilmeade let me tell you why. It does matter what we spend our money on. We spent all this money and we've gotten a measly 2 percent growth, 14 percent underemployment, but I understand why they do it.
But politicians the game is to create the appearance you're doing something. Blue ribbon panel, studies on this and that. And they're also spreading it around for political purposes.
But I think when you look at this, you can say, tonight, there's going to be two different visions. I'm trying to bring it back to tonight.
One, Obama thinks the government can manage money better. We know that it can't row. Biotic squirrel is evidence of that. And Mitt Romney saying no, because when it's your own money in the private sector, you're going to be a little more careful with it.
KILMEADE: And you agree, Bob, that we'll all benefit, even if the president called the press conference and say I just got ahold of this waste book. This has got to stop, Congress. You want to look like the good guy.
BECKEL: Yes, again, that robotic squirrel is important. Look, what happens with these things is, first of all, both Democrats and the Republicans who do this. So we keep this in focus here.
BECKEL: What happens is the day the appropriations bill is brought up on the House floor is when the chairman of the Appropriation Committee is approached by people asking for these little nuggets. They've never been hearings on them.
KILMEADE: Yes, true.
BECKEL: There's never documentation on them. They put in the bill and it gets voted on.
DANA PERINO, CO-HOST: This doesn't chain them from stopping to do it. You have didn't mention $25,000 to go to promote the Alabama water queen tour. Watermelon queen.
KILMEADE: It's hard to get sponsorship for that.
PERINO: Also, there is also a war on fish. America is spending $300,000 to promote caviar consumption and production.
KILMEADE: I do have some good news, at the end of the interview, Senator Coburn, I asked him -- listen, by the way, do you think Republicans or Democrats regardless of who wins will get together and stop the insanity and get together in tax reform? He goes, absolutely, because people in Congress only do something when it's catastrophic. If they don't, so we believe something will get done.
So, he ended on a positive.
BECKEL: I think he's right about that.
TANTAROS: But are they going to cut this off? Because we are approaching fiscal cliff -- $25,000 study for course entitled, should we want to be happy?
C'mon. They could have asked me, I would have said yes.
BECKEL: And that last point -- the fiscal cliff will not happen. It's going to get done. Whether Romney wins or Obama wins, they're going to get it done in December.
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