This is a rush transcript from "Hannity," July 15, 2009. This copy may not be in its final form and may be updated.

SEAN HANNITY, HOST: All right. The universal health care nightmare is knocking at your door. Now yesterday, House Democrats unveiled sweeping legislation that would slam almost every business with a penalty equal to 8 percent of their payroll if they fail to provide health insurance for their employees.

Now it also slaps additional taxes on the country's highest earners. Now it looks like the Democrats are using every political issue in this country as an excuse to hike your taxes. And that is our headline this Wednesday night. "Playing Politics With Your Health."

Now, meanwhile, today, the Senate Health Committee passed a $1 trillion health care overhaul. And get this, it's called the "Affordable Health Choices Act."

Now Republicans were shut out of the drafting process and as a result, they were forced to offer more than 100 amendments to the Democrats' shoddy bill. Now Republicans charge that the Senate bill will plunge the nation further into debt but failed to provide Americans with any real choice when it comes to their health care.

Let's take a look.


SEN. MIKE ENZI, R-WYO.: That bill gets an F. It's important that we get it right. That bill got it wrong.

SEN. MCCAIN, R-ARIZ.: The bill includes a government plan that CBO says will force millions of Americans out of their current coverage. Out of the coverage that they now want and believe in and into the government plan. That's not keeping what you have if you like it. And it will also leave millions of Americans uninsured.

SEN. ORRIN HATCH, R-UTAH: I'm extremely disappointed and sad to say that it is not the people on this stage who will be hurt by the Democrats' partisan approach. It's all Americans.


HANNITY: And joining me to discuss today's events and much more are the co-hosts of the "Jeri and Fred Show", Senator Fred Thompson and Jeri. Good to see you. I'm going to get into this in a minute. And you're in trouble, by the way, and I'll explain.

Video: Watch Sean's interview

All right.


HANNITY: We're going to go — we 're going to show our audience in the next segment. John Boehner came out with this chart today. We're going to show everybody out there this chart and how bad and how bureaucratic it is. How important, Senator, is it to stop this bill?

F. THOMPSON: Well, I think extremely important. It's the first step to a nationalized health care system that we've seen operate around the world. And if you want to stand in long lines and pay money that you don't have, put it on our grandchildren, then it will be for you.

But you know, that reminds me an awful lot of the chart, the Hillary Clinton chart of 1994. You remember that one?


F. THOMPSON: The Rube Goldberg type deal?

HANNITY: Oh yes.

F. THOMPSON: And I think this is going to fail for the same reason.

HANNITY: You really believe — Democrats, now there are — there is some sign, Jeri, that some Democrats are balking. They went home after their vote on cap and tax and they got an earful.

Do you think that there's going to be the political will? Will Democrats leave Pelosi, Reid, and Obama?

JERI THOMPSON, "THE FRED THOMPSON SHOW" CO-HOST: It was really disappointing to see the blue-dog Democrats cave. They.

HANNITY: On cap-and-tax.

J. THOMPSON: On cap-and-tax. It really was. So we'll see what they're going to do with this. But this chart to me, I don't know, if anyone has children or remembers their own childhood, this is shoots and ladders. And unfortunately, there ain't no ladder up and it's only shooting down to have — you know, no choices at all.

If anyone has a veteran in their family and know what veterans health scare is like, this is what our lives are going to be like. This is not a good thing.

HANNITY: One of their big talking points, Senator, is that this will put everybody at ease and take away your fears . Why do you think there's so much confidence, that people have confidence that the government can solve their problems?

F. THOMPSON: Who was it that said if I knew that someone was saying he was going to come over to my house to help me, I would run fast in the other direction? That's the way we ought to feel about this.

It's not — that's why they're panicking because they don't want the American people to have time to look and see what's in this bill. That's why the president is coming back and rushing and putting the hammer down on the House and Senate Democrats.

But as you get into this thing and look at it, people understand. You don't save money by spending tremendous amounts of money. The president's right. He takes the truth, which is the Medicare is going bankrupt, and he's not — kind of wants to force everybody onto a Medicare-type system.

And he brings 45 to 46 million people into the system that are not there now, he says. They're not supposed to save money?

HANNITY: What is the best way for the Republicans to stop this?

F. THOMPSON: I think that it's tough to pick it apart. They have to talk about costs. And they have to talk about — spending money that we don't have for a plan that we are not going to want once we look through it. We've got multitrillion dollar deficits as far as the eye can see. $1.8 trillion deficit, you know, by the end of this year. And unprecedented levels.

You're talking about additional $1 trillion or $2 or $3 here. Nobody knows yet. Then you got to talk about rationing. The only way that you can lower health care costs at a time when technology is increasing. More ways to save our lives the — to lower costs is by rationing.

You can do that through a free market system where people decide themselves what they want to purchase. And you can do it through the government. And that 's — that's why they want to force everybody into a Medicare type system where they can call the shots. That's the kind of treatment your mother or your son or your daughter can have.

HANNITY: But, you know, Jeri, we've got an infomercial, media mentality out there where you're not getting the scrutiny that we're going to give to this not only tonight but in the weeks to come. They're trying to rush this through.

I think that Obama senses that his political capital is beginning to wane. The polls show that eight out of 10 key issues Republicans now lead, that the country is on the wrong track, that the Democrats are too liberal.

So are they going to be successful in pushing this through without having any American read this thing?

J. THOMPSON: They're going to do the very best they can and that's why August is so important. It's so important. Like it was for immigration fight. And we have to go home. We have to tell our parents, we have to tell our friends and everybody we know that this isn't what — this isn't what's going to make us healthy.

HANNITY: On a scale of one to 10, I'll ask you both, how important is it that this be stopped in terms of preserving the America that we know and the greatest health care system we have?

J. THOMPSON: I don't know how it could get any worse. Really. I mean.

HANNITY: Meaning this bill?

J. THOMPSON: This — I don't know how it could get any worse. Knowing what this is going to lead to, I don't know how it could get any worse. It's going to bankrupt our children and grandchildren and it's going to give us worse health care. What could be worse than that? I don't know.

F. THOMPSON: Yes. It's the linchpin to a lot of other things. It's going to up — it's going to be first and major step in changing the face of American society. I think it's that important.

HANNITY: That important.


HANNITY: That dangerous. All right, now. You guys host a radio show together every day.

F. THOMPSON: That's right.

HANNITY: What's the name of the show?

F. THOMPSON: That's right. It's called "The Fred Thompson Show."

HANNITY: "The Fred Thompson Show" and you co-host it every day?

F. THOMPSON: What a set up. I can't believe I'm falling into this.

HANNITY: You're there every day?

J. THOMPSON: I do. Well, I try to be.

HANNITY: And you co-host the show every day?

J. THOMPSON: I do. I don't do as much work as he does. I have to admit.

HANNITY: But wait a minute. But you talk almost the same amount of time.

J. THOMPSON: At least as much.

HANNITY: At least as much. Sometimes more.

J. THOMPSON: Sometimes it's off the air.

HANNITY: And so the question is, why.

F. THOMPSON: I don't...

HANNITY: Can I ask you a question? Why won't you allow your wife to be named in the show?

F. THOMPSON: What? You know, we take turns. I called it "The Jeri Thompson Show" the other day.

HANNITY: Is that correct?

F. THOMPSON: ... after badgering by you for a while. I mean.

J. THOMPSON: And your listeners.


HANNITY: Why don't we just call it "The Jeri and Fred Show"?

F. THOMPSON: If we start calling it — you know, Jeri gets the top billing.


F. THOMPSON: She's going to be in a position but for long where she could probably can me. And I'm not going to run that risk.

HANNITY: Would you accept "The Fred and Jeri Show?

J. THOMPSON: You know what the truth of the matter is?

HANNITY: It sounds like "Tom and Jeri," I mean, which.


F. THOMPSON: Well, you ought to tune in sometimes and you.

HANNITY: All right. We're going to put the poll back on my Web site, Hannity.com whether or not we should — you should include your wife in the name of the show.

F. THOMPSON: Well, you already had that poll.

HANNITY: And who won?

F. THOMPSON: Well, you know, let's put it this way. Thankfully I'm in the position where I have to listen to polls anymore.


HANNITY: All right. Good to see you both. And we're going to follow this very serious issue very closely.

Watch "Hannity" weeknights at 9 p.m. ET!

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