Donald Trump has advice for President Obama about the art of the deal

Trump: Nation is a 'rudderless ship' right now

'The Donald' says President Obama must make a budget deal for the sake of the country and his legacy

This is a rush transcript from "On the Record," October 7, 2013. This copy may not be in its final form and may be updated.

GRETA VAN SUSTEREN, FOX NEWS HOST: Today, Donald Trump tweeting about the shutdown using less than 140 characterization to write. The Obama administration has an important duty to provide a budget and negotiate. Our country is a laughing stock. Get, this a Trump fan suggesting President Obama read the art of the deal. Donald Trump joins us. It's nice to see you, Donald.

DONALD TRUMP, CEO, TRUMP ORGANIZATION: Hello, Greta. Congratulations on your new wonderful time spot.

VAN SUSTEREN: We're thrilled to be here. Thrilled to have you, Donald. First question, we're in a hell of a time trying to negotiate here in Washington. So, tell me, if you were president, what would you do?

TRUMP: You have to get everybody in a room. You have to be a leader. The president has to lead. He has get Mr. Boehner and everybody else in a room, and they have to make a deal. You have to be nice and be angry and be wild and congeal and do all sorts of thing, but you have to get a deal.

And, unfortunately, he has never been a dealmaker. That wasn't his expertise before he went into politics and it's obviously not his expertise now. But you have to get the people in a room and you have to get a deal. That's good for everybody and good for the country.

VAN SUSTEREN: Do you have a sense that both sides want a deal? Now, Speaker Boehner says he wants a deal. He accuses the president and the Republican leader in the Senate of not negotiating. They say they have such a strong position that they don't want the deal. How do you get someone who doesn't think he needs to deal to deal?

TRUMP: Well, I don't think the president does have such a strong position. I think the strongest position that they have is that the Republicans are bickering and they don't seem to get along. They are not unified. If the Republicans were unified they would have the cards. But the fact is that the president, in 20 years from now and in 100 years from now, when you talk about the Obama administration, they are not going to be talking about Boehner.

They are not going to be talking about Reid. They are not going to be talking about any of these people. I think it's very important for him to make a deal and to get it done. I also think the Republicans are pretty stead fast. Smart guy, tough guy and I know he wants to do well for the country and do what's right for the country.

Frankly, I think the Republicans are going to be a lot tougher to make a deal with they want something to happen with Obamacare because they say ultimately ObamaCare will destroy the country. And they want something to happen. So, whether it's a debt ceiling or ObamaCare, they want to make a deal but they want it to be right.

VAN SUSTEREN: How long can we keep raising the debt limit before we implode? I mean, at some point I assume we can't just keep extending it that we're not going to be able to make the interest payment. Is there a magic threshold?

TRUMP: Well, nobody knows the answer to that question. It's going to be a very interesting question. We are right now 17 trillion. We will be hitting it any day, any moment, $17 trillion in debt. There has never been anything like it. We have never been -- this is uncharted waters. We have never been there before. But 17 trillion is a number that nobody thought possible, even 10 years ago.

I mean, nobody thought it even possible and the word trillion was impossible if you look. When did we start talking about trillions? And now it's a very common word in our vocabulary, unfortunately. So, something is going to have to be done. There is tremendous waste. I mean, you look at what's going on right now, you see the kind of waste we're talking about. Tremendous waste in our government and, frankly, our country is not doing well.

Unemployment is really terrible, not 7.3 percent, probably 17 percent or 18 percent. When you get the country moving again, lots of good things will happen. Unfortunately, this country is not moving in the right direction.

VAN SUSTEREN: How do you get the government, our government to care about waste? One just simple example is $67 million, the IRS cannot account for that it was given to help with the rollout of ObamaCare. It's part of a larger sum. They can't account for the $67 million. No one seems particularly disturbed about it. May be chump change when you look at a debt ceiling. There seems to be little or no interest here in Washington to go and find it.

TRUMP: Well, what about when you hire thousands and thousands of people to explain ObamaCare because it is 2900 pages, it's totally complex. Nobody can understand it and the people that they have hired don't understand it and you then create a website and they worked on the web site for years now the website opens and it's useless. It's just not working. It's dead.

It's terrible and frankly probably the same thing is going to happen with respect to ObamaCare. People are being put out of work. People are being hired part time that never had a part time job before. But they are being hired part time now, Greta, because of the fact that that is to the employer's advantage.

It all starts with competence. You need great competence. When a website goes up and it doesn't work, it's broken, the website broken. It doesn't work and this is the beginning of ObamaCare. You would think that after all of this talk, the web site would be flawless, it's totally broken.

VAN SUSTEREN: Donald, always nice to see you. Thanks for joining us especially tonight at 7:00 p.m.

TRUMP: Thank you very much. Congratulations.