This is a rush transcript from "Hannity," June 15, 2011. This copy may not be in its final form and may be updated.

SEAN HANNITY, HOST: She put an end to months of speculation about her presidential ambitions earlier this week. During Monday evening's presidential debate, Minnesota Congresswoman Michele Bachmann who will join me in just a moment, made a big announcement.


REP. MICHELE BACHMANN, R-MINN.: I filed today, my paperwork to seek the office of the presidency of the United States today. And I'll very soon be making my formal announcement. So, I wanted you to be the first to know.


HANNITY: Now, the congresswoman then put forward a performance in the debate that earned her rave reviews. In fact, many are calling her Monday night's big winner. Here's the taste of what she brought to the stage.


BACHMANN: This election will be about economics. It will be about how will we create jobs? How will we turn the economy around? How will we have a pro growth economy? That's a great story for Republicans to tell. President Obama can't tell that story. His report card right now has a big failing grade on it.


HANNITY: And joining me now is Minnesota congresswoman and GOP presidential candidate -- for the first time as a candidate -- Michele Bachmann. Congresswoman, welcome back.

BACHMANN: Thank you so much, Sean. Always a joy to be with you.

HANNITY: All right. I'm sure you saw this. I'm holding up U.S.A. today. And there you are top fold picture and the headline, "Bachmann emerges as a player in the GOP race." What do you make of that?

BACHMANN: Well, what I make of that is that the inroads that people made in the halls of Congress when they wanted to get politicians' attention is now being heard across the nation. And my goal Sean, quite frankly and going to the White House, is to take that voice that's been heard now in the halls of Congress, to the White House. And I think it is time to do that. Because it has been a very longtime since their voice has been heard there.

HANNITY: Yes, Congresswoman, let me ask you. We just played President Obama, you know, mentioning shovel-ready jobs weren't as ready as we thought. And the people around him are laughing. And I'm thinking, you know something, what about -- we have 9.1 percent unemployment. If we include real unemployment is much higher than that. His policies have failed. Every metric he's losing in the polls and he's making jokes that his, you know, trillion dollar stimulus failed. What did you make of that?

BACHMANN: Well, it is an admission of failure, Sean. When the president of the United States says that the shovel-ready projects weren't exactly shovel-ready, that's an admission of failure. Just like you've mentioned the president said that it was a bump in the road to have 9.1 percent unemployment. That isn't a bump in the road. That's the Grand Canyon in the middle of the road. And then the recent story came out that the president hasn't even sat down and met with his economic advisers since April.

I think what this shows is that the president has taken his eye off of the number one issue of paramount concern to the American people, that's turning the economy around and having American pro job growth creation. He's failed us, Sean. And that's why I firmly believe he will be a one- term president. And it is why I want to bring my background as a job creator and also as a tax lawyer, to the White House.

HANNITY: You know, it almost seems and I'm not, I guess I'm not somebody to psychoanalyze anybody. But he's made a couple of statements about being a one term president lately. He said, oh yeah, there are a lot of days where I say one term is enough. That, you know, his daughters are not invested in daddy being president or his wife is not invested in her husband being president. I cannot remember any president suggesting that when they are thinking about running for reelection.

BACHMANN: Well, and I think this is one instance Sean where the American people would agree with Barack Obama. I think they are taking a look at him. They're putting him in the balance and finding him wanting. And I don't think that he has the public support right now for a second term. This will be a very difficult election for this president. And that's why we need to have a candidate who is going to take him on and hold him accountable for his failed policies.

HANNITY: Let's go to another comment that he made. I want to show this to you. In an interview, ATM machines are contributing to the high unemployment. It is almost shocking that this is a belief system of his. But let's roll the tape.


PRESIDENT BARACK OBAMA: There are some structural issues with our economy where a lot of businesses have learned to become much more efficient with a lot fewer workers. You see it when you go to a bank and you use an ATM. You don't go to a bank teller. Or you go to the airport and you are using a kiosk instead of checking in at the gate. So, all these things have created changes in the economy.


HANNITY: Kiosk, ATM -- wait a minute, don't companies have to come up with the technology? Don't they have to sell them to the banks? Don't they create jobs manufacturing those things? Doesn't somebody have to, you know, fill those with paper and maintain them? Does he understand economics? This is revealing to me. What did you think?

BACHMANN: Well, of course it is revealing. You are absolutely right. It is reminiscent of when the president said that we needed to inflate our tires in order to be able to save money. And that's how we are going to deal with our energy crisis.

HANNITY: No, no, and get a tune-ups. You forget that. Inflate tires and get tune-ups.

BACHMANN: That's right. Fuel economy standards. What this evidence is again is that the president is not only out of touch, he has no basis of understanding how to deal with the economy much less the energy crisis. When it comes to the energy crisis for instance, the president doesn't even have an energy plan. He has a politically correct environmental policy. But the economy is what the people are very nervous about. Because people in many ways, unfortunately, are losing hope. They are looking at their housing values right now. And they -- normally in an economy when we have a recession, people moved to where the jobs are. But now people are having a very difficult time selling their homes.

And we are not hearing from the president that he even begins to understand this horrific situation that a lot of Americans are in. It is really shocking Sean, the lack of empathy that this president has. I talk to people. I care about people. I'm in my district. I've gone into restaurants for instance, where restaurants owners are cutting back their number of employees because they know Obamacare is about to come in to place. And they have 60 employees, but they are firing 10, so they come under 50 employees because they don't want to come under Obamacare.


BACHMANN: And the president has no understanding of what is happening in real people's lives.

HANNITY: You know, Debbie Wasserman-Schultz recently said two things. One, she actually is out there trying to sell the idea that Obama fixed the economy. Then the second thing, she actually said, I think this will come back to haunt her and the president, that we own the economy. Fine, that means their deficits, their debt, their reckless spending, their unemployment, it is all theirs. And I agree with that. They can't blame George Bush any more. So, I think that's going to be a big part.

Let me ask you one last question. You have battled establishment Republicans for a long time. It has made you a Tea Party favorite. You think this race is going to come down the primary in the end, a battle between establishment and more Tea Party-oriented people like yourself?

BACHMANN: Well, people really do care about this country, that's the good news. And Sean, one thing I've always done, as I've tried to put principle over party. I'm proud to be a Republican. Very proud. But I also put principle above that. And the marvelous thing about the Tea Party is the fact that it is made up of a broad based coalition of Democrats and independents and libertarians and people who have never been political at all. People mistakenly think the Tea Party is the right wing of the Republican Party. It is a broad coalition of people who love the United States of America and want the country to do well for their children too. And they are very nervous about that right now.

HANNITY: All right. Congresswoman, congratulations on your announcement. And we look forward to seeing you a lot during the campaign. Thank you for being here.

BACHMANN: Thank you.

Content and Programming Copyright 2011 Fox News Network, LLC. ALL RIGHTS RESERVED. Copyright 2011 CQ-Roll Call, Inc. All materials herein are protected by United States copyright law and may not be reproduced, distributed, transmitted, displayed, published or broadcast without the prior written permission of CQ-Roll Call. You may not alter or remove any trademark, copyright or other notice from copies of the content.