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Special Report

All-Star Panel: Will Elizabeth Warren torpedo the budget bill?

This is a rush transcript from "Special Report," December 11, 2014. This copy may not be in its final form and may be updated.

BRET BAIER, ANCHOR: Which is the reason the president and the vice president are on the phones, whipping Democratic votes at this hour, five hours and 10 minutes from a government shutdown, and while White House chief of staff Denis McDonough is up there doing as well. Meanwhile, Elizabeth Warren the freshman Massachusetts senator, is telling all of her House colleagues to vote against it because of a change to the Dodd-Frank banking regulation, and she said it's time to fight. Charles?

CHARLES KRAUTHAMMER, SYNDICATED COLUMNIST: If you are a Republican, you should simply sit back and enjoy this. People have been talking about the great civil war among Republicans. I've argue that's rubbish. The real civil war, especially after this election, is among Democrats and we are seeing now.

A rebellion by House Democrats led by Nancy Pelosi against the White House, a rebellion by Warren, leading the left wing faction of the party against the moderates, and it's a great free for all. And Earnest is right, this is going to hurt the Democrats either way. If a short-term continuing resolution is passed, it means it will come up again in the first months of the new Congress when Republicans will be entirely in charge. And if nothing happens and there is a shutdown, I would love to see how the media cover Yellowstone Park where little Johnny is weeping when he arrives after 1,000 mile drive to find the gates closed.

BAIER: In that case, Juan, is it the Elizabeth Warren Democratic government shutdown?

JUAN WILLIAMS, SENIOR EDITOR, THE HILL: Yeah. I think what you have got here is Democrats who are sort of in their cuffs, they're still angry over the election. And the postmortem suggests that they didn't stand from what they believe and didn't sell the American people their principles. And so here you have them saying we are not playing President Obama's game, which is to accommodate the Republicans, to deal with them, to allow the right wing of the Republican, the Tea Party, to set the agenda and then go along thinking somehow if you play nice you are going to win.

Here is an effort by Warren and Pelosi, who said she is, quote, her "heart broken," saying you know what, we are going to take a stand here. We are angry.

BAIER: George?

GEORGE WILL, SYNDICATED COLUMNIST: Well, when Republicans tiptoe up to the fiscal cliff they are compared to suicide bombers. When she does it she's compared to William Jennings Bryan, which is rather better. This is what you get when you have comprehensive legislation. We have comprehensive health care reform you have to pass in order to find out what's in it, you have comprehensive immigration reform, 1,197 pages of this stuff. Now you have got this.

This is 80,000 words longer than "Moby Dick," this book. Now, the theory is they are going to bring these things to the floor in time for people to read them. Who has a month it read this bill? Who wants to read it? So, in fact, you have got in any comprehensive legislation there is something to infuriate someone. So you're just setting yourself up for this kind of showdown.

KRAUTHAMMER: This could be the first shot in the Elizabeth Warren campaign. I want to join it. I think it will be a joy for Republicans to have her as the opponent. Think about this, a left wing first term liberal senator out of Harvard, exactly what the country is hungering for.

BAIER: All right, down the road, does she run? Yes or no?

KRAUTHAMMER: Yes.

WILLIAMS: I would think that there is tremendous support.

WILL: Yes. And if she announces in a week, she will be ahead of Hillary in polls of Democrats apt to participate in the primaries.

BAIER: That's the prediction. That's it for the panel, but stay tuned as we say farewell to yet another Fox News legend.

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