Updated

This is a rush transcript from "The Five," June 27, 2012. This copy may not be in its final form and may be updated.

GREG GUTFELD, CO-HOST: The Supreme Court rules on ObamaCare tomorrow, which is great news, especially for wags like me who every day had to relentlessly cover something nobody bothered to read, including its authors, before they try to pull the wool over America's eyes and changes us into Europe.

Not so fast, sunshine. It was a long, tough road for me. If anything, I hope that ObamaCare covers OPTSD, or ObamaCare post-traumatic stress disorder. I've got it and it's given me a rash on my back that resembles the head of Nancy Pelosi.

If only there was a montage that reminds us how we got here, maybe with some cheesy music.

(BEGIN VIDEOTAPE)

PRESIDENT BARACK OBAMA, 2008: We have a healthcare system that only works if you're healthy and you're wealthy.

OBAMA, 2008: If we're going to make real progress, this time, we've got to do things differently.

OBAMA, 2008: Forty-five million fellow citizens have no health insurance. This simply cannot continue.

OBAMA, 2009: I Barack Obama do solemnly swear --

REP. NANCY PELOSI, D-CALIF.: We have to pass the bill so that you can find out what is in it.

SEAN HANNITY, FOX NEWS HOST: You said those death panels.

SARAH PALIN, FORMER ALASKA GOVERNOR: It's a commission. It's a bureaucracy. It's bureaucrats who will ration care.

(APPLAUSE)

VICE PRESIDENT JOE BIDEN: This is a big (EXPLETIVE DELETED) deal.

(CHANTING)

UNIDENTIFIED MALE: The government doesn't have a right to take our money!

SEN. TOM COBURN, R-OKLA.: Eighty-eight new government programs. We're going to see tens of thousands of new federal workers.

REP. JIM CLYBURN, D-S.C.: Every person in America will benefit from it.

UNIDENTIFIED MALE: Health care for everyone! It's a human right!

MITT ROMNEYM R-PRESIDENTIAL CANDIDATE: We're going to return the responsibility and the authority to the states for dozens of government programs. That will begin with a complete repeal of ObamaCare.

OBAMA: I'm confident that the Supreme Court will not take what would be unprecedented, extraordinary step.

PELOSI: You have to have the mandate in order for this to work.

ROMNEY: If ObamaCare is not deemed constitutional, then the first three-and-a-half years of the president's term will have been wasted on something that has not helped the American people.

JAY CARNEY, WHITE HOUSE PRESS SECRETARY: We await the Supreme Court decision as does everyone. But while we do, we continue to implement the law.

(END VIDEOTAPE)

GUTFELD: I was getting coffee.

So, Eric, that was three-and-a-half years. What was the high point for you?

ERIC BOLLING, CO-HOST: Honestly, I think high point was the little sound bite, the town halls and the Tea Party. That was really where the Tea Party was born -- on the heels of, not only the stimulus but also the majority of the Tea Party gatherings, about the town halls on health care.

Once that started, think of what happened since then. They got -- they flipped the House of Representatives in 2010, went Republican, 80 people flipped because of the Tea Party.

Look, that's the most important part for me. We have 17 hours left. Less than 17 hours. Man, it's -- we're all watching.

GUTFELD: You know, Bob, he raises a good point. It created a cascade of actual hope and change that President Obama didn't expect to happen. Where do you see this going?

BOB BECKEL, CO-HOST: Well, I mean, there's no question that people got out -- the opposition got out in front of Obama on this and the administration. And they won the message game. The message game set a precedent for making ObamaCare negative and people don't know what it is.

It also did -- I agree with Eric -- it brought the tea people in. And, you know, who I think have been one of the more destructive forces in American politics for years.

GUTFELD: Unlike "Occupy Wall Street"?

BECKEL: Yes. I think they're fine. The tea people --

GUTFELD: Yes, remember those Tea Party guys tried to bomb a bridge? Oh, wait, sorry. That was "Occupy Wall Street."

Andrea, talked about the, you know, how the law was made to look bad. Wasn't that the administration's fault, because they didn't, they weren't prepared. They didn't read it. And everybody started to see the negative consequences.

ANDREA TANTAROS, CO-HOST: They didn't read it. And they didn't approach it the right way. I don't buy that they did a poor job selling it.They actually did no job selling it. Remember, they passed it and it was so radioactive, you haven't heard the Democrats talk about it at all. Then they started to throw political goodies in there, like the HHS contraception mandate which they thought would help them win the women vote.

But before that, you have heard not a peep from Democrats on this bill. And I think there have been a lot of low points, not high points on it. Low points, premiums have gone up nine percent. CBO has said the cost of health care is going to go up. Two-thirds of small businesses --

BECKEL: What does the premiums going up have to do with the healthcare bill it? Hasn't taken effect.

TANTAROS: Because HHS Secretary Sebelius said, if insurers you raise your premiums above 10 percent, we're going to come in and audit you.

BECKEL: Good.

TANTAROS: Which means a lot of political pressure.

BECKEL: It would have been a great idea.

DANA PERINO, CO-HOST: If it hasn't gone into effect, then how can you also say that 40 million people won't have insurance tomorrow if the court rules it on -- you can't have it both ways.

BECKEL: Wait a minute, some people have taken advantage of the certain parts of the bill. I'm one of them. I mean, I have insurance because of this. And there are a number of people who are young people staying on their parent's insurance policy because of this.

GUTFELD: What do you -- how do you have insurance? I don't understand. How do you have insurance because of this?

BECKEL: I couldn't get insurance before because I had preexisting condition, which I had open heart surgery. I couldn't get insurance from anybody. Then Maryland was the first to jump out and form an exchange, along the terms of ObamaCare and I got it through state of Maryland.

BOLLING: So, why not just do that, Bob, why not just make health care transport -- across state lines, portable across state lines? If I wanted it in New York and couldn't get it in New York, but I could get it in Maryland, I'd go to Maryland and guess what would happen? Pretty soon, every insurer in New York would offer preexisting condition clause.

BECKEL: Maybe that's true but Maryland wouldn't want to be inundated with a whole lot of people coming in, because they haven't offered --

GUTFELD: By the way, we have Maryland to blame for saving Bob's life. Direct all of your letters to Maryland.

I want to ask you, Dana. I know that this bill is an outrage because it doesn't cover Jasper, your dog. But how should the administration -- I know you can't mention Jasper's name.

PERINO: Right. I'm holding --

GUTFELD: But I can. It's a beautiful poodle, by the way.

What about the administration's response to this? How will they -- if you were there, how would you manage their posture?

PERINO: So, tonight, I'm sure for several months, they probably have been working on the statement so they can be first out of the gate, so they can have the reaction. I actually think that's a mistake. I think they should wait, digest it, think about a little bit, and look at their statement.

I think they only need one thing immediately, which is what President Bush did when he lost in the Supreme Court on the Boumediene decision, which was an antiterrorism, Gitmo type of thing. He went to the Rose Garden and said, "I strongly disagree with the court's decision, but I will abide by it." And then he went on.

I think tomorrow, President Obama should be calmed, measured, positive. And however it turns out and not try to rub -- if he wins, not try to rub his opponent's noses in it, because it's so unpopular across the board, and the uncertainty that will exist between now and the end of the year, actually, affects the economy worse. So if he's positive, it would be better.

BECKEL: The Republicans said they are not going to celebrate if they lose this thing -- if they win.

(CROSSTALK)

BOLLING: No they haven't. Boehner said it. Boehner doesn't represent the Republican Party, Bob, and I'll prove it by --

(CROSSTALK)

BECKEL: If they start shooting their mouths off about what a good thing is, what's their reaction to how to deal with it?

BOLLING: You know what people realized in 2009 when we got ObamaCare that passed because we had Democratic House, Democratic Senate and Democrat in the White House? We can't do that anymore.

So, the House flipped and people realized that, you know what, maybe the Democrats don't represent the country. In fact, they don't. Maybe the Republicans don't --

(CROSSTALK)

BECKEL: Let's assume the Tea Party has a caucus and a press conference. Then we ask the question, what would you do? And they would have no answer for that. None.

BOLLING: Say see, we told you it's unconstitutional. Let's get back to the Constitution.

PERINO: That's one sound bite that was not in our montage that I like the most, is when Speaker Pelosi said when she was asked, are you worried about that this bill wouldn't be constitutional? And she said, are you serious? Are you -- with such disdain.

Well, they were quite serious and now, everybody is waiting for tomorrow's --

BECKEL: I think the politics is Obama has got the ball in his court. If he loses tomorrow, I don't think he's going to, by the way. I may be the only contrary to that.

He'll simply say, OK, now, you all have done this. The Supreme Court has gone along the Republican lines. They've given you -- they've done away with health care. So now you come up with an answer.

TANTAROS: He still has to justify why he blew capital he had when he was elected --

BECKEL: He didn't blow his capital on this.

TANTAROS: -- on this constitutional disaster. I think the mandate is going down. I think they will they strike down some of the provisions. We don't know. We're playing the speculation --

GUTFELD: Yes, you can't -- SCOTUS is so --

TANTAROS: But quickly, think about what could be left. You could strike down the individual mandate, but the employer mandate could still be left, which still poses problem for businesses.

PERINO: Yes.

TANTAROS: And this will also create a lobbying feeding frenzy. Think about this. The medical devices are going to want their taxes repealed. Farmers are probably going to want a lot of their money back. You're going to have employers still facing stiff penalties. Lobbyists are going to be attacking this thing --

BECKEL: Why don't we go right the bottom line? You take the individual mandate out, you'd kill this whole bill.

PERINO: Obama will flip-flop on that. I think that he will.

BOLLING: The Obama administration, the administration told the court, if you're going to pull the mandate, also pull the two most popular provisions that aren't the mandate --

TANTAROS: Community rating and guarantee --

BOLLING: Being able to stay on your parent's policy until you're 26 and --

BECKEL: What insurance company you think is going to do that except the one that announce they will do it for a little while?

PERINO: The largest one in America.

BOLLING: Does the Supreme Court say we're going to yank the mandate and leave the other two? Or listen to the Obama administration and take the most popular provisions out? Really --

BECKEL: What insurance company do you say besides one, maybe it's the largest one in America, that represents 15 percent of the people, they said for a limited period of time, that's what they said -- this thing is not going to happen.

TANTAROS: You have to strike down preconditions, Bob, because you'll bankrupt the insurance industry. You will have millions --

BECKEL: What a shame that would be.

TANTAROS: You think it would be a shame? It would be a tragedy to have millions of sick people--

(CROSSTALK)

BECKEL: They're a crooked operation. But leaving that aside --

TANTAROS: OK.

GUTFELD: All right.

PERINO: I think President Obama will flip-flop again. He wasn't for mandate when he ran for president. Changed his mind in 2009 when the politics got tough. Then I think tomorrow, because they made this argument in front of the Supreme Court, it will fail, that if they lose on that part, that they'll say, you know what? We can live this. We can work with this, because they'll want to preserve whatever victory he can --

GUTFELD: All right.

BECKEL: Let's remember, it was the Republicans introduced the mandate and backed off of it.

TANTAROS: What government can tell you to do is on deck tomorrow. That's what we'll ultimately find out, Greg. What government can tell you to do and what they can't.

BECKEL: And you tell the 45 million who don't have insurance what they can do.

PERINO: That's baloney.

PERINO: That's baloney.

This is a rush transcript from "The Five," June 27, 2012. This copy may not be in its final form and may be updated.

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