This is a rush transcript from "Hannity," December 18, 2012. This copy may not be in its final form and may be updated.
(BEGIN VIDEO CLIP)
REP. JOHN BOEHNER, R-OHIO, SPEAKER OF THE HOUSE: I think we all know that every income tax filer in America is going to pay a higher rates come January the 1st unless Congress acts. So, I believe it's important that we protect as many American taxpayers as we can. And our "Plan B" would protect the American taxpayers who make a million dollars or less and have all of their current rates extended.
(END VIDEO CLIP)
SEAN HANNITY, HOST: That was Speaker Boehner talking about protecting the taxpayers with his "Plan B." And now, it's a modified "Plan B." But is that what the plan really does? Here to debate that, Fox News political analyst Juan Williams, author of the "Great Destroyer," New York Times bestseller David Limbaugh is with us.
David Limbaugh, if you go back, this is how far we have come in a year. Go back to when the Republicans were debating -- trying to get the nomination. Ten dollars in spending cuts for one dollars in tax increases. Remember? They all said no. Then it went three to one. First, it was four to one, three to one. Now, we're literally at the point, a trillion dollars in cuts, but they want more than a trillion in revenue. So, it's actually flipped and still Obama won't support it.
DAVID LIMBAUGH, AUTHOR, "GREAT DESTROYER": You know, he doesn't have any interest in supporting this. The Democrats promised Bush senior three to one in spending cuts and then reneged and we weren't in nearly the trouble we are now. Now, we are in serious existential problems in our national financial situation, and Obama will not come to the table, even on a one to one ratio. As you've mentioned, it's $1.3 trillion in tax increases to $850 billion in spending. And by the way, we don't even know that those $850 billion are even real spending. Tom Carney at the Washington examiner did a little analysis and talked about it possibly being even double counting. So, I'm a little concerned with what Speaker Boehner is doing.
HANNITY: Let me go to, Juan. I'm very concerned. I'm very concerned about what I'm reading, because it doesn't sound like he's standing on the principles. I like a party with bold differences, and if they're just going to be a carbon copy of the Democrats, that's problematic to me.
Juan, here's why I think it may actually be noble to go off the "fiscal cliff" in January if the president's not serious about cutting spending. We're borrowing 46 cents of every dollar that we now spend in Washington. Obama gave us $6 trillion in new debt, and it is estimated new debt in the next four years may be as high as $8.5 trillion.
We -- I cannot in good conscience allow generational theft like this and robbing from our kids and grandkids. So, what maybe noble for the Republicans to hold the line, demand the spending cuts or go over the "fiscal cliff," I think it would be the responsible thing to do because it's irresponsible what's going on now.
JUAN WILLIAMS, FOX NEWS POLITICAL ANALYST: You're talking about republican suicide. I want to protect you from yourself.
WILLIAMS: And I also wanted to protect the American people from all those tax hikes that you would impose on them. And secondly, you talk about carbon copy, when did the American people, Republicans or Democrats, send leaders to Washington who think that compromise and reason are out of fashion and that you must be a hard edged ideologue in order to justify --
HANNITY: Wait a minute -- stop for a second. Hard edged because I don't want to borrow or steal -- I'll use the word steal because I think it's accurate.
HANNITY: Forty six cents of every dollar we spend from our children. That's hard edge?
WILLIAMS: No, I'll tell you what. First of all, there is not that big a difference right now between the proposal from Speaker Boehner and President Obama. It's not a carbon copy, but what you see is they're trying to protect the economy. A lot of these things take place over a 10-year period, Sean. They're trying to protect the very fragile economic recovery, make sure that people who are in need right now get the support they need -- safety net.
HANNITY: Hang on. David Limbaugh, if they want to protect the economy, how about living within their means?
LIMBAUGH: You're doing the exact opposite formula, the exact opposite prescription. You need to be undertaking to protect the economy. The economy is weak, so you don't raise taxes on an already struggling economy. And you don't crowd out the private sector by spending more money. And you don't accumulate debt at a disturbing rate. Obama is expanding government. I saw a Stanford economist who has just written a book who talked about the times that you really have retardation of economic growth is when government spending, the rate of government spending exceeds the rate of private spending and we saw that, we're seeing that right now and Obama is proposing that we double down on that. You expand the government spending, you crowd out the private sector --
WILLIAMS: David, that's not right.
LIMBAUGH: -- you increase taxes and reduce growth.
WILLIAMS: David, what you're talking about is posing more taxes, sending us over the fiscal cliff and at the same time, scarring off private employers by telling them that the government is cutting back on every kind of spending and contractor in the nation. You're asking for catastrophe, economic Armageddon.
LIMBAUGH: You guys, you want to tax 70 percent of the businesses that provide 70 percent of the jobs, Juan.
WILLIAMS: We're trying to -- Democrats are trying to protect 98 percent from tax hikes increases and you want to tax everybody.
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.