This is a rush transcript from "Hannity," June 27, 2011. This copy may not be in its final form and may be updated.

SEAN HANNITY, HOST: The GOP primary field is getting more competitive by the day. Now, earlier today, a grassroots challenge emerged from Minnesota Congresswoman Michele Bachmann who made her candidacy official in Waterloo, Iowa. Now, the congresswoman, she will join us in just a moment. But first, here's what she told the crowd assembled in Iowa.


REP. MICHELE BACHMANN, R-MINN.: I stand here in the midst of many friends and many family members to announce formally, my candidacy for president of the United States.

I want my candidacy for the presidency of the United States to stand for a moment when we the people stand once again for the independence from a government that has gotten too big and spends too much and has taken away too much of our liberties.



HANNITY: Well, the congresswoman is already surging in the polls. Now, this season's first Des Moines Register poll of likely Iowa caucus goers has Bachmann neck and neck with GOP frontrunner Mitt Romney, who leads her by just one point, 23 to 22 percent. Herman Cain, he came in third, at 10 percent. All the other GOP candidates registered in single digits.

Certainly good news for Minnesota Congresswoman Bachmann who joins me tonight from New Hampshire. Congresswoman, welcome back. Congratulations.

BACHMANN: Thank you, Sean. It has been an absolutely wonderful day, it was a great day connecting with people back in Iowa. And we were thrilled to announce my candidacy for president of the United States.

HANNITY: What do you make of the Iowa poll, the Des Moines Register poll? Were you surprised, I mean, that was a major pop, national polls similarly of showing you doing well. What is it -- what is happening out there? Is it your message, the delivery? Why are you resonating right now?

BACHMANN: I think what it demonstrates Sean, is the message that I've been giving in Iowa during my recent visits there have been resonating with the American people. And especially those in Iowa. I'm so extremely grateful for these results that came out of the Des Moines Register poll. We had a sense that we were connecting with people on the ground in previous visits. But this confirmed what we had thought. So, this is really very important and very encouraging.

But we are not taking it for granted, this is a marathon, not a sprint. And so, we intend to work very hard in Iowa, as we are in New Hampshire and South Carolina. We are starting a bus tour tomorrow in South Carolina. And then later this week, we'll be back in Iowa for another three-day bus tour. So, we are very excited. And we'll be in the 4th of July parade in Clear Lake, Iowa. So, we're very excited to be in part of all of that.

HANNITY: All right. Well, certainly, you have caught the attention of the Obama administration. I don't know if you saw this from earlier today. But the Obama campaign responded, let me give you a chance respond. They said, your policies would erode the paths of prosperity for middle class families. They further one on the suggest that you voted for a budget plan that would extend tax cuts for the richest Americans on the backs of seniors and the middle class, while ending Medicare as we know it.

Let me let you respond to those two and then there's a couple more.

BACHMANN: Well, I think clearly what this demonstrates Sean, is that the president of the United States has threatened by my candidacy. He fears me. He sees me as a serious substantive competitor. I think he sees that I have a very clear path to victory for the nomination. And I think that he wants to do whatever he can to diminish me because he thinks he will have to see me in the debates. That's my intent to take him on in the debates and to win and take the voice of the people that I serve to the White House. That's what I want to be able to do. That voice has been missing for a long time.

HANNITY: It seems to me rather that typical, predictable cliches, platitudes. You know, this is now out of the 1970s democratic hand book. But I want to give you a chance to respond. They further on to say that you introduced legislation to repeal Wall Street over sight, risking a repeat of the financial crisis and you voted to preserve subsidies for oil and gas companies and you oppose making investments, quote, spending necessary to enhance America's competitiveness, et cetera, et cetera. So, obviously it got their attention, it's a pretty -- go ahead.

BACHMANN: Well, it sounds like political speak to me, really. It just sounds like a lot of canned phrases that come out of the Democrat National Committee. And it shows that they are fearful of my candidacy. Clearly, the president is on the ropes right now. The economy is not doing well. The president has not delivered as he said that he would. I gave a quote in my announcement speech today, Sean. It was from February 2009. And the president of himself said, if he wasn't able to turn the economy around by the third year of his presidency that in all likelihood, he would be a one-term president. And what I said today in my speech today, is that I take the president at his word. And I think the American people are all too eager to make him a one-term president.

HANNITY: All right. Let me ask -- it seems that the media wants to poke at any error you make on the campaign trail. I guess, so you're in Waterloo, Iowa today. Now, I happen also to be a big fan of John Wayne, like him a lot. Liked him a lot. He was one of the greatest actors and a great patriot. And he was born in Winterset, Iowa. You mentioned that he was born right here, I think you said Waterloo, and they say, wait a minute, John Wayne Gacy was born there. And the media made a big deal of that. I wanted to get you respond but through this prism. I put together some of the mistakes that President Obama has made and I want to just remind people of some of the things he said over the years.


PRESIDENT BARACK OBAMA: On this Memorial Day, as our nation honors its unbroken line of fallen heroes, and I see many them in the audience here today.

OBAMA: Over the last 15 months we've traveled to every corner of the United States. I've now been in 57 states.

OBAMA: I don't know what the term is in Austrian, wheeling and dealing.

OBAMA: Navy Corpse-man Christian Brossard.

OBAMA: Corpse-man Brossard responded.

OBAMA: The men and women like Corpse-man Brossard


HANNITY: Corpsman, Navy Corpsman. Obviously, he didn't know difference between Memorial Day and Veterans Day, an Austrian language that doesn't exist. And it would be nice if the president knew that we had 50 states, not 57 or 58. But John Wayne was born in Iowa, you obviously misspoke. The media has kind of made a big deal about it. I wanted to give you a chance. Do you think this is a double standard?

BACHMANN: Well, they're certainly can be, Sean. And clearly he was born in Iowa. The point is, John Wayne represents patriotism and great American values, he wasn't afraid to stand up for the greatness of the United States of America. That's what we need. That's what the American people want. They want a president who's going to stand up for our allies, and stand against our enemies. They want someone who's going to fight for America.

And that's why I think my message has been resonating not only with people in Iowa, but with people all across the nation. Because people recognize that I will do that. I have a titanium spine and it is time to have a president who is going to do bold things. Big things. Because we have to turn the economy around so that we can have job creation in this country. And I have the background as a former federal tax lawyer. And also, my husband and I, who started a successful small business. We are job creators.

I get it. I know how to do this. I understand the problem. What is even better, I know the right solutions to apply so that we can get the economy back on track and create jobs. And repeal Obamacare. And I'm committed to that, as president of the United States.

HANNITY: Do you know how many states we have in the United States of America?


HANNITY: And do you have any clue what a navy corpse-man is?

BACHMANN: I know what a navy corpsman is.

HANNITY: Just checking. All right. We're going to take a break -- had a run-in with our own Chris Wallace over the weekend. And we're going to have much more with the newly announced GOP presidential candidate Michele Bachmann -- that's coming up after the break -- and her controversial interview with our own Chris Wallace, that is coming up.

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