This is a rush transcript from "Hannity," March 8, 2011. This copy may not be in its final form and may be updated.

SEAN HANNITY, HOST: While running for governor of New York last fall my next guest captured hearts and headlines all across the country with his unique and now infamous campaign platform, "The Rent Is --


HANNITY: Today's he's got himself a new slogan, a new political party. Here to explain the man himself, former "Rent Is --

MCMILLAN:"Too Damn High" --

HANNITY: -- candidate Jimmy McMillan. How are you?

MCMILLAN:Wonderful, fantastic.

HANNITY: What is up with the gloves? Why are you wearing gloves?

MCMILLAN: It is cold in here.

HANNITY: Is that why you're wearing gloves all the time?

MCMILLAN:Brothers don't like ice, man. We're not playing hockey. We're always playing baseball or basketball.

HANNITY: It is not that cold! Go into Shep Smith's studio, it's below zero.

MCMILLAN: I'm wearing this now because it is cold for the Democrats because I'm here. The Republican Party is the party that people need to start voting for. They've been frightened off by Democrats who is simply using the public. They've punked the public.

HANNITY: The Democrats have.

MCMILLAN: The Democratic Party has punked all of us. They are using Barack Obama as what you call a something to lure us into a party who had control of Congress for 40 years.

Up until 1994, they were voted out, but we haven't had anyone in the Republican Party to come in and do what needed to be done for the nation because they simply don't know. Some of them are running for president now I understand.

HANNITY: Well, that sounds like a challenge. So what is the new campaign slogan?

MCMILLAN: "The Deficit is Too Damn High."

HANNITY: That's your new slogan.

MCMILLAN: The same thing I brought with me to the governor's race I'm bringing the same thing to the presidential race, but I just modified it a little bit. I can't bulldoze a mountains in upstate New York running for president of the United States. But what I can do is bulldoze all of those politicians out of the White House that are sitting there in the Capitol building that are not doing anything for the public.

HANNITY: What do you think of Obama?

MCMILLAN: He don't know what to do. He don't have a plan at all. He put a bill on the table, $800 billion bailout out, $787 billion stimulus -- gave the public's money to institutions to bail them out, such as the bank. You had a mortgage. You had a car loan. You had a personal loan and you had a student loan.

Your money was given to these people to pay them off, you still had to pay them and they never sent you a deduction saying thank you or anything for the contribution that was given to bail them out. You are now 61 percent in General Motors. Not only was your home was foreclosed, your car got repoed. Your student loan was garnished and a lean was on your personal account. So you can't do the public like that. The public was punked.

HANNITY: All right, are you a candidate officially? Have you announced officially?


HANNITY: So you're a candidate. You're for the Republican Party nomination. Are you going to be at the debates?

MCMILLAN: I am in a debate coming up in March -- April, I believe.

HANNITY: Who else is going to be there? Do you know yet?

MCMILLAN: All of them as far as I'm concerned. They're better off not coming. They're better off having empty chairs with their names there because these are the same people who ran for office over and over who have nothing to present to the people.

The young people, I need the young people to begin voting Republicans because I'm here. The rent is too damn high and the deficit is too damn high. The young children, the young people have nowhere to go.

HANNITY: Wait a minute, "The Rent is Too Damn High"? They have rent control in New York. You don't have capitalism in New York. Wait a minute, are you going to tell us tonight what you pay in rent?

MCMILLAN: I tell you what I pay in rent.


MCMILLAN: I pay rent.

HANNITY: How much?

MCMILLAN: I pay rent.

HANNITY: How much?

MCMILLAN: If I talk about my rent, I will be going back on what the people have put me here to do. If people want me here to address the hunger crisis they're having --

HANNITY: Wait -- isn't that socialism? Isn't that socialism?

MCMILLAN: Let me tell you how much rent I pay. The little children, homeless in homeless shelters going to school, mothers who lost their homes to foreclose, it is not about me and the rent that I pay. It's about fighting for the people involved and to change this country around.

HANNITY: But if you want the government to dictate what the rent is, because the rent's high, somebody buys an apartment they want to rent it for what the free market value is. You want the government to dictate. That's government takeover of industry. That's socialism.

MCMILLAN: There was no such thing as free market value. It's not socialism --

HANNITY: Sure it is --

MCMILLAN: Following the attack on the World Trade Center, rent was (inaudible). The prices of rent stayed like $450 a month. The landlord boosts the rent up, but no one was there to stop him.

HANNITY: Hang on a second, if somebody owns their apartment and they want to rent it for $2,000, how does the government get to say you can only get $300?

MCMILLAN: I don't mind that. But the way they did it, they violated laws to do that. Like New York State if your apartment is like $1,500 a month, and you got money for improvement to build -- to build it up --

HANNITY: Why don't we get the government out of the way?

MCMILLAN: It's what they did. It's what they did. They used the government. Like in New York State, your apartment is like $1,500 a month, let's say $800 a month, you've got money to improve it, build it up.

HANNITY: Why don't we get the government out of the way? I'm a registered conservative --

MCMILLAN:What they did, they used the government, they took advantage of the opportunity because no one was watching them. Right now, we set up a website called renttalk.u.s. I want everyone to come there and give us --

HANNITY: I got to ask one more question. How -- if the deficit --

MCMILLAN: It's too damn high!

HANNITY: All right, if the deficit is too damn high, how are you going to lower the deficit?

MCMILLAN: You lower the deficit by telling the people we are going to pardon all debt -- American citizens of all debt.


MCMILLAN: Because of what we did with the $800 billion bailouts, Fannie Mae, Freddie Mac --

HANNITY: What about people like me that don't have debt?

MCMILLAN: Well if you don't have debt it doesn't concern you, but those who have debt -- 100 percent of people living on the poverty -- because the American government put the people in this hole that we're in.

HANNITY: Wait a minute, so from the day -- if you win the election the day you are inaugurated, I'm going to accumulate debt. I'm going to accumulate a ton of debt.

MCMILLAN: If you have a debt, your debt would be pardoned. The government put the people in this debt we are in. Someone has to step up and do the right thing for the people. We owe this to the people. The rent is too damn high and the deficit is too damn high and Hannity is too damn smart.

HANNITY: Did you vote for Obama?

MCMILLAN: Yes, I did.

HANNITY: You regret it?

MCMILLAN: No. I don't regret, I --

HANNITY: You want to beat him.

MCMILLAN: I don't want to beat him. I'm going to whip him just as my son. I put him in the White House to do a job and he didn't do it. I put him in there to feed my children and he let daddy down. It's time to step up and do what daddy got to do. Pat him on the behind and say, "OK, you didn't do a good job, time for you to go, time to go to your room and go to sleep."

HANNITY: You're going to pat Obama on the backside.

MCMILLAN: He plays basketball. Every time you shoot a shot in basketball, somebody hit you on the butt. Go and do what I do best.

HANNITY: All right, we got to break. Good to see you, Jimmy.

MCMILLAN: Thank you. Go to renttalk.u.s and conversate with papa.

HANNITY: Time now -- all right, Greta, can you beat this tonight --

GRETA VAN SUSTEREN, HOST, "ON THE RECORD": You know what? I would kill to see that debate.

HANNITY: I'm in. I'm going to go there. That will be fun.

MCMILLAN: Greta, got to invite me to her show first. Greta been dodging me. I don't know if it is the beard. I haven't got a call from Greta yet.

SUSTEREN: That's not true. We tried to book you and you dodged us!

MCMILLAN: I'm waiting on your call because the deficit is too damn high and I want to talk about it! The rent is too damn high for the people of New York! We have a governor in the state of New York, he's there, that hasn't done a damn thing! I know Greta is going to get me on her show!

SUSTEREN: How do you really feel? How do you really feel?

HANNITY: Greta, are you going to invite him?

SUSTEREN: You know what, march him up to our bookers right now. I want him because he's a great guest.

MCMILLAN: She's sounding just like Obama. She's running from me. Greta, I love you.

HANNITY: We're out of time! Greta is coming up.

SUSTEREN: Trust me, we have a great show tonight. Back to you, Sean.

HANNITY: All right, more of our Great, Great American panel -- the deficit is too damn high -- next.

MCMILLAN:Too damn high!

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