Updated

This is a rush transcript from "The Five," June 21, 2017. This copy may not be in its final form and may be updated.

JESSE WATTERS, CO-HOST: That was President Trump speaking for over an hour in Cedar Rapids, Iowa. A very important state to him. Kind of doing a bit of a victory lap after Republican Karen Handel won her special election in Georgia yesterday, after Trump's election, Republican Party, his party, 5-0. So, the President feeling a little wind at his back. He hit on a lot of the high notes. Infrastructure, tax reform, immigration. North Korea, China. Also, weaving some amusing anecdotes into the stories, and slamming the mainstream media as usual.

Greg, what struck you from this huge rally out in Cedar Rapids?

GREG GUTFELD, CO-HOST: The gum chewing was a little irritating. But --

(LAUGHTER)

WATTERS: The chewing gum.

GUTFELD: But the nice woman behind him was chewing a lot of gum.

Well, I have to say, this is a very interesting thing. Everything he talks about, law & order, security, national defense, he's talking not about himself. He's talking about them. I'm here for you. I'm here for you. So, this is where you get this incredible distinction and why the Democrats are in trouble. We know what he's about. He's about us. We know what the Democrats are about. They are about him.

WATTERS: Uh-hm.

So, as he focuses on America, the Republicans focus on America, the Democrats are mistakenly focusing on him and they're devoting all their energies, they are pouring millions -- see in Georgia. They are obsessed with Russia. Because their entire party line. They're entire plank is get Trump. And meanwhile, he's just saying, this is what I want to do for you. This is what I am going to do for you when he says, we are driving them crazy, that is what they're alluding to. And then he plays the rolling stones at the end which is another nice little touch just to say, ha, ha, ha.

WATTERS: Yes. Because the Rolling Stones I don't believe enjoy that.

GUTFELD: And you can't always get what you want, Mick. Although, he pretty much did.

WATTERS: He does. And he still does.

(LAUGHTER)

Greg makes an interesting point Dana that the President's connection with crowds, very important, very emotional connection, interesting that a Manhattan billionaire has such a great connection with, you know, regular everyday citizens in middle America. I feel like the Democrats in the media have a very hard time with that connection because they cannot break that connection and at that connection continues to sustain this president even after all these slings and arrows.

DANA PERINO, CO-HOST: So, it's been confounding for, not just for Democrats or the media but for the 17 and 16 candidates that he talked about, because he did the whole gamut tonight. I thought that what is refreshing about it if you are a viewer or a fan or just interested in politics is that it's completely unfiltered. It's not scripted. This is all off the cuff. And he was able to give his viewpoints on the accomplishments that you think he is made so far, nobody is going to forget what he was talking about.

He did something else that was really important tonight. And you haven't seen them do it before like when the House was trying to pass health care. He laid out the case for why we need health care reform and he said the Republicans are working on it. We are going to bring it to you. And it doesn't matter how good the bill is, we are not going to get a single Democrat for it. What I think that was saying to Republicans back in Washington is, I've got your back.

I am going to provide some air cover for you because despite what's going to happen within the next seven days, and that bill will be public tomorrow. It will be voted on, well, Republicans will hopefully vote on it by Wednesday. And he goes to Iowa and he makes these points in a state where Medicare and Medicaid mean a lot. And they have a governor who is paying a lot of attention. We're going to spend a lot of time on it this hour. But I would say, health care in particular. Also he talked about the future of tax reform. And in particular in Iowa, he talks about death taxes. So, I thought for Republicans tonight, if you're looking for a reason to be supportive of President Trump, this was a good moment for him and for them.

WATTERS: It was a good moment. And I think, you know, the President has a tendency to sometimes go off on tangents at these rallies. But he did a little bit. But also seemed very disciplined when he talked about the substance of the policy agenda that he's pushing forward. Kimberly, assess how you believe the President's performance was tonight.

KIMBERLY GUILFOYLE, CO-HOST: I thought he did a fantastic job. Because you could tell that he was in a very good mood. He is very happy. He is euphoric after that big win. Because he's kind of like, in your face, mainstream media because they were all saying, they were going to win. And the sound that you heard of the flashing last night wasn't Greg. But it was a $27 million dollars down the drain that the Democrats -- that didn't work out very well for them.

GUTFELD: Yes.

GUILFOYLE: So, he's able to come off of that high to say, wait a second, this is supposed to be a referendum against me. It in fact was not. She took the lead last night and never looked back. So, that to me is very positive in terms of the timing, it was very gratuitous because he was able to give this great speech in Iowa. You could tell that the crowd loved it. He was able to hit the high notes. He was talking about what a great builder he is. He reassured them about the wall. He brought up Otto Warmbier.

WATTERS: Yes.

GUILFOYLE: All of the things that people want to hear and he say, listen, I know there's a lot going on in the world. National security issues, et cetera, et cetera, I'm going to do this. We're going to get it done. I made a promise to you. I'm not going to let you down. Sometimes people do want to be reassured to at least believe that he's intending to do these things. And so, when you look at the juxtaposition, of this high coming off the big win, him coming out in front of a crowd that really enjoys his, you know, company, then you have what, the Russia thing seems to have pale in comparison at least, you know, tonight with this going on.

WATTERS: Very effective performance, Juan. I think the Democrats proudly fear this style than Trump gets out there in front of the big crowd as opposed to doing stuff from the podium in DC.

JUAN WILLIAMS, CO-HOST, "THE FIVE": Well, I think he needs to get out of D.C. It's not the Democrats who fear anything. I think he complained when Obama would do this. He would say, why does he go back and actually run the government instead of campaigning all the time? Trump is been on the road all the time. He has reason to celebrate today.

That was a big win for him yesterday because if he hadn't, he would have seen terrific erosion among Republicans especially in the House who would fear for themselves in the Trump era. So, what you saw in this speech, I think the spine of it was going after the media. I thought that was the whole thing. They won't show the crowd size, turn the cameras around. They don't want to tell you the sound of this great place. You know, his problem is if Republicans continue, and you see a slight decline, down about 70 percent Republican support from what was 80, he's going to have problems.

WATTERS: Yes.

WILLIAMS: So, he needs to keep the conservative media on his side. That is what this is about.

WATTERS: Well, it doesn't have too many problems undefeated in special elections and still going strong. Much more to come from tonight's presidential rally.

(COMMERCIAL BREAK)

GUILFOYLE: Do it again.

WATTERS: Welcome back, President Trump firing up a crowd tonight in Cedar Rapids, Iowa at his first rally since April when he marked his first 100 days in office. The theme, Make America Great Again of course. He took the opportunity to thank his supporters and celebrate the big victories for Republicans in both Georgia and South Carolina last night.

(BEGIN VIDEO CLIP)

TRUMP: It is always terrific to be able to leave that Washington swamp and spend time with the truly hardworking people. We call them American patriots. Amazing people.

(END VIDEO CLIP)

WATTERS: And then President Trump turned his sights to one of his favorite targets, the media.

(BEGIN VIDEO CLIP)

TRUMP: But they built these studios. CNN.

(CROWD BOING)

TRUMP: Opps, hey, the camera just went off. I can't imagine. This covered live. The camera just went off. I can't imagine why. This phony, this phony, NBC television network --

(CROWD BOOING)

They actually had one of the people say, you know, "It was a little rainy last night. Maybe that was the difference in Karen's race." Can you believe that? But if she had lost, they would have been there for weeks talking about this, this would have been the greatest defeat in the history of American politics.

When she won, when they said, projected winner is Karen Handel -- then they said we switched to another program.

(END VIDEO CLIP)

(LAUGHTER)

WATTERS: Okay. So, obviously the President feeling very good about his person in Georgia, Republican Karen Handel winning yesterday after a lot of the mainstream media says it was very tight. And this was the Democrats chance to win. Pelosi, big bogeyman out there. I think Pelosi (audio gap) sometimes.

GUTFELD: He then tried to flip the seat and they ended up in the toilet, ladies and gentlemen. Remember, the Dems made a big deal about this election.

WATTERS: Yes.

GUTFELD: You can't let them not make it a big deal now. You got to hold them to it. They said it was a referendum on Trump. No, it's a referendum on Dems. Okay. You need to go back to the drawing board. But even their drawing board is toxic. And here is why. They did a couple of things wrong. Number one, they relied on celebrities. Especially annoying celebrities who are coming and telling how to live. That's not good. Also, you're calling your adversaries names.

We've learned that this doesn't work. You go on twitter, there are people saying, vote Ossoff, don't be a bigot. Don't re-elect another bigot. They called these bigots. That's also wrong. But the biggest thing that the Dems did, and I don't even want to tell them this. Because I don't want them to win is that they traded life experience for identity. So, if you had a man with experience let's say in the military or in the corporate world. But you had an undergraduate from Evergreen College, the undergraduate from Evergreen College would gain more respect.

Even though she or he doesn't have life experience but has an identity. So, a party that took identity and made that more important -- more important than life experience ended up with an inexperienced candidate who is being pushed forward by a bunch of rich liberals from the left coast and at the right coast. And this is what happened.

WATTERS: And it's exactly what happened. Tonight did not look to me Dana like a president in his 30s. In approval rating. I mean, he looked pretty fired up.

PERINO: I thought you meant in age --

(LAUGHTER)

WATTERS: He is very high energy.

PERINO: He's very happy.

WATTERS: But I mean, either the polls are fake or he's an unpopular president pushing a very popular agenda.

PERINO: He's certainly popular there in the room and they were smart I think -- he takes rare trips to states out in the Midwest that helps elect him, but when he does, the people show up and they are entertained and they are energized. And it further solidifies their support for him. Like, that support is not going to go out everywhere. Everybody in that room will remember that night for the rest of their lives. And there is something special about that.

President Obama had that ability. Bill Clinton had that ability. I would have says that George W. Bush had it. Reagan had it. So, it's special. Hillary Clinton never had that type of connection. The other thing about the --

GUTFELD: Internet connection.

PERINO: She did, private one. Another I think mistake that they made down in Georgia was that, they took a district where Trump only won by one point and other Republicans had won by a lot before. So, they thought, aha, this is what we can do. So, they send in somebody. But even if you are a Republican that did not vote for Trump or you reluctantly voted for Trump, that doesn't mean that four months later you are already going to switch and vote for Nancy Pelosi.

WATTERS: Right.

PERINO: That was I think a mistake that they made. And if you look though, the Democrats have been smarter in other races. They are recruiting more moderate Democrats that are pro-Second Amendment, pro- business, pro-military, that they might have better luck in these districts where they might actually be able to win, this district wasn't one of them and they wasted a lot of money.

GUILFOYLE: So, they're going more the Republican messaging, and that's what I think is going to pay off. These people want some change. They want things to be handled in Washington the right way and that's what President Trump has promised and delivered. Big mistake that the Democrats made by all the money that they dumped into Georgia. It was nationalizing, that race making a referendum against Trump instead of making it about that district. Big mistake.

And you would think that they would learn but not so much. Because every time they do the same thing, and they fail miserably. And what we are seeing is, it's just strengthening the base and popularity of President Trump amongst his supporters.

And that's why when you look at the polls that he is in fact very strong with the people that supported him. He's got 96 to 97 percent of the people that cast a ballot and a vote for him. They would do it again with confidence. So now all he's got to do is get some other people over to his side. I don't think it's going to be that hard to do because if he has strong job numbers and he continues to improve the economy, voters will care about that.

WATTERS: Juan.

WILLIAMS: I just think that's a fantasy and I think --

GUILFOYLE: Wait and see.

WILLIAMS: -- what happened in Georgia last night was that Republicans turned out in astounding numbers. According to (INAUDIBLE) political strategist, and what you see is party loyalty carrying the day. It wasn't a mistake for President Trump and the Republicans to (INAUDIBLE) the election because all of a sudden, with ads about Scalise being shot or Kathy Griffin holding up the head, all of a sudden it was like time for Republicans to rally even as Republican support for President Trump is going down.

That's why he goes out. He goes to these kinds of rallies. He says, hey look at all -- show cameras, show these crowds. He's really talking to Republicans and saying stay with me.

GUTFELD: Yes.

GUILFOYLE: Pro-growth economy, he will succeed again.

WATTERS: That's right. It's about the economy, stupid. I think it was your god that said that. Much more to come from the president's rally tonight.

(COMMERCIAL BREAK)

(BEGIN VIDEO CLIP)

TRUMP: They are saying "President Trump has not produced health care." I've been there for five months. If you remember during the Clinton period they worked for years

(TECHNICAL DIFFICULTY)

President Obama, his whole administration pushing, pushing for Obamacare, which has now failed. Obamacare is a disaster. It's over. If we went and got the single greatest health care plan the history of the world, we would not get one Democrat vote because they are obstructionists. If we came to you and said here's your plan, you're going to have the greatest plan in history and you're going to pay nothing, they'd vote against it folks.

So we have a very slim 52 to 48. That means we basically can't lose anybody. I hope -- it can't guarantee anything -- but I hope we're going to surprise you with a really good plan. You know, I've been talking about a plan with heart. I said add some money to it. A plan with heart, but Obamacare is dead.

(END VIDEO CLIP)

PERINO: I thought it that was the most effective part of the speech. Making news and also driving the policy and using one of these events to give air coverage to Republicans. And tomorrow, Juan, there are Republicans on the Senate side say they're going to release the bill. It will be there for all to see, but they do plan to have a vote pretty quickly by next week. What do you think of that?

WILLIAMS: Well, I'm all anxious to see what's in it. Basically what we've seen tonight in terms of the early release is they plan to have a slower decline in terms of federal assurances with regard to paying medical bills for the poor under Medicaid and they plan to put more money into subsidies to help people who are poor, deal with the high cost of premiums.

So the ultimate question Dana is does this plan provide insurance for more people than Obamacare? Does it deal with pre-existing conditions that has allowed people who need preventative care out to get it? Does it prevent kids from being kicked off of their parent's plans prematurely?

And so far, what we're seeing is that nobody says that it meets that standard. I think what you saw from President Trump tonight is an effort to try to say, hey, this is about us versus the Democrats. The Democrats aren't going to approve anything we do. And the Democrats took forever to whip up a plan and I've been there five months and yes, I promise I would undo it in the first 100 days and I promise and I promise, but don't worry.

So he's asking people to have maybe have a medical case of amnesia. Maybe they're going to need Obamacare but all of a sudden it's all about us versus the Democrats. Not about what he's actually got on the table or what Republicans will be voting on next week.

PERINO: What do you think will matter more, the substance of the bill or the fact that there is a bill and there's process and there's movement because you just had today two, well, I guess an insurer, Anthem, pulling out of two additional states and the lead up to this bill being introduced.

GUTFELD: Listen, I'm having a d,j. vu. I mean, this is exactly -- President Obama was complaining about the same thing, wasn't he?

PERINO: Yes, because no Republicans voted for him.

GUTFELD: Yes, exactly. But I also -- what Donald Trump is trying to do, and it's fairly consistent in everything he does, whether it's dealing with Cuba or the Paris Accords or Obamacare. He looks at these things as products. He even looks at countries as products. This is a lousy product. How can we make it better and he looked at like Obamacare. He looks at it like the Paris Accords.

It's a lousy product. I'm going to try to fix it. So, he's saying like OK, I'm working on it. Let me work on it. We're going to get it done. I mean, think about this. This did not happen with Obamacare. I mean, talk about dead of night, you know, hammered it through. They walked with a big gavel. I mean it was ridiculous. It was absurd and it was built on a pyramid of lies.

You're going to say you're going to keep your doctor. At least this is messy. And don't think -- and people say that he's doing it in secret. He does nothing in secret. We know exactly what he's doing. This is the opposite, the opposite of how Obamacare was rolled out, and it's messy, it's going to take time. It might be a little clumsy but that's because they're human beings and we're watching it.

WILLIAMS: But Greg, it's been totally in secret.

GUTFELD: Come on , Juan.

(TECHNICAL DIFFICULTY)

WATTERS: -- thing in secret about --

(TECHNICAL DIFFICULTY)

(CROSSTALK)

WATTERS: -- It bombed. You guys have no credibility on health care.

WILLIAMS: Wait, hold on. I have a lot of credibility, but hang on a secnd

GUTFELD: What happened three months ago when they introduced the whole idea? We saw it go down in flames, correct?

WILLIAMS: We saw what go down in flames?

GUTFELD: When they first came out with the -- and no one would agree on it.

WILLIAMS: You mean (INAUDIBLE).

GUTFELD: Yes.

GUILFOYLE: The House plan.

GUTFELD: We watched it unfold.

WILLIAMS: Excuse me, the House plan is about -- the support for House plan across all Americans about 8 percent, and now you have them in the Senate not having open negotiations, not having hearings. Not having the committees --

WATTERS: Did they have hearings or negotiations when you guys come together. No, you bribe senators in Nebraska.

WILLIAMS: No, that's not true --

(CROSSTALK)

PERINO: But Kimberly, you remember that whole summer of 2009.

GUILFOYLE: What a great summer.

PERINO: Remember those -- all those town hall meetings. There was a ton of debate but we've been having this debate and the fixes are not as hard to debate. The other thing that he said there is --

(TECHNICAL DIFFICULTY)

PERINO: -- with all the House members is a beautiful bill. Then behind closed doors he tells them it's too mean. I want you to add more heart to it and I think that's actually what you're going to see tomorrow.

GUILFOYLE: I think you're absolutely right. And guess what, how do we think and know that? Because he just said it and that was like he said one of the most effective and impactful moments of the night when he said, I told them, you know, put some more money into it. He wanted them to have some better benefits and more money towards it.

So this is what it meant, people come to you and say Kimberly, what's going to happen? I'm so worried about my -- why are you so worried? They are only trying to improve on Obamacare. They're just trying to make it better. Not worse. They're trying to expand on it. Make it better. Make it more comprehensive and do a better job.

You may get some good health care in New York under the existing system. You're not getting that throughout the rest of the United States where they have one choice and they're paying an insane amount of money, increases. That's not fair. You should care about that so that's more equitable and I think this is going to go through.

WILLIAMS: This is Republican sabotage. They sabotage Obamacare and say oh, Obamacare --

GUILFOYLE: Obamacare, cyanide pill that sells --

WATTERS: And if Obamacare was so great, why did the Democrats in Congress exempt themselves from it?

GUILFOYLE: Because it's deadly.

WATTERS: Exactly.

PERINO: That was why the only part that Republicans agreed with.

(LAUGHTER)

WATTERS: Yes, because they're all focused.

PERINO: Actually you say better care because I heard that part of the hashtag campaign tomorrow when the Republicans introduce it will be better care. So we'll see if it sticks.

GUILFOYLE: A little bird told you that.

PERINO: More to come on the Trump rally when we come right back.

(COMMERCIAL BREAK)

(BEGIN VIDEO CLIP)

TRUMP: The truth is, people love us. All of us. They love us. They don't get it. They haven't figured it out yet. You know, they are still trying to figure where all of those voters came from. Those voters came out of the hills, these are hard-working -- we have the hardest working, the smartest people, the toughest people. They are very lucky that our people don't protest. Believe me.

(END VIDEO CLIP)

GUILFOYLE: All right, there you go, believe me. OK, so it's kind of uplifting. The best, the smartest, the toughest and you're lucky that they don't protest.

GUTFELD: Yes, he's kind of right in that because this is -- I've never seen this kind of phenomenon in my life where Republicans were never outwardly political. Like if you said to suck it in while some -- when you're on a campus with liberals were protesting, you just went to class. You never said a thing.

When you were at work, when I used to work at Rodale, people would talk about their liberal politics. I had to swallow it all. I had to sit there and just, but now you're seeing -- this is a phenomenon where people are getting up and going outside and expressing their beliefs and they're no longer scared of doing it because there's somebody who speaks like a real estate mogul from Queens who is talking to you like an equal even though he's a billionaire. Not like a Manchurian candidate that lost last night.

GUILFOYLE: And they love it. Go ahead Dana.

PERINO: Well, I would also add -- he didn't spend any time talking about a Russia tonight, and I thought that it's smart like he doesn't need to talk about it. And then you were just like, oh, I do think, however, that as I've heard from some young people that are in the job market right now, it is being used against some of them still. And so, you can be more open about your views, left or right, but if you are right, you have more of a chance of being dinged.

GUIFOYLE: Ding, ding, you're up.

WATTERS: What a beautiful basket of deplorable we saw out there today, and I'll take the deplorables over the resistance any day of the week. And also, the resistance is futile because the only thing that's actually being resisted are Democrats when people go to the polls.

GUILFOYLE: True.

WATTERS: The deplorable, they go to work. They don't protest. They love the flag, they don't burn the flag. They respect law enforcement. They don't try to fight law enforcement. I think he's got the people on his side. I think he'd rather have the people on his side than the press.

GUILFOYLE: All right, Juan Miguel is racing.

WILLIAMS: Wow! Wow, wow, wow. So let me get this straight. If you are hard-working -- that's what people according to President Trump, that we call patriots. Also, who's not hard-working?

WATTERS: If you rally at noon and burning a flag you probably don't have a job.

WILLIAMS: Also, the immigrants in this country, they're not hard working as they pick the crops and clean the hospitals, oh no, not at all. I mean, this is so ridiculous. It's so divisive and it's intended to be divisive --

WATTERS: Sorry, he's not trying to speak to illegal immigrants and American rallyists.

WILLIAMS: And who protested against health care back in 2010? Oh, that must've been the Democrats.

(CROSSTALK)

GUILFOYLE: It's very tough for the Democrats to swallow a big win and a big rally. More in a moment. More winning.

(LAUGHTER)

(COMMERCIAL BREAK)

(BEGIN VIDEO CLIP)

TRUMP: The Paris Agreement would have cost America millions of lost jobs and billions and billions of lost dollars and put us at a permanent economic disadvantage. It's a catastrophe if we would have agreed. And they all say it's nonbinding. Like hell it's nonbinding when we get sued by everybody because we thought it was nonbinding, then you can tell me it's nonbinding.

I was elected to serve the citizens of Iowa and Pennsylvania and Ohio and Michigan and Wisconsin and Florida and all 50 states and all 320 million American citizens.

(BEGIN VIDEO CLIP)

WILLIAMS: President Trump at the rally out in Iowa tonight going after climate change, Gregory.

GUTFELD: That was the best part of the night, what he said. He didn't say that climate change was a hoax. He said that it was a bad deal. And that's what he does for a living. And there's nobody, nobody on this earth that can refute that it is a bad deal.

WILLIAMS: Right. The American people seem to --

GUTFELD: Well, they didn't the deal. He actually read the deal. He read it.

WILLIAMS: -- about getting away with it.

GUTFELD: He read the deal.

PERINO: But not only that, but it's somebody who has not talked about probably enough in the administrator per influences, the EPA administrator, Scott Pruitt. He's the former attorney general of Oklahoma, and what President Trump said tonight what shows that when he presented to the president his side of what he thought would happen, that was the winning argument for President Trump. So Scott Pruitt I think is probably MVP at the moment.

WILLIAMS: And what about the ethanol argument since we are in Iowa? Jesse?

WATTERS: Well he's pro-ethanol and I think that's smart politics if you really --

WILLIAMS: Jesse, for a conservative you're pro ethanol now?

(CROSSTALK)

WATTERS: If I was running for president and now you need to win Iowa, I'd be pro-ethanol too.

GUILFOYLE: I think this is a very powerful moment. This is something his supporters believed in. It's fulfilling and checking the box at another campaign promise. He's not going to be bullied by Europeans when he stands for Americans. I like it.

WILLIAMS: You like that.

GUILFOYLE: I do. Don't stick to a bad deal. Don't throw our money around Europe. They could make their own and we'll make our own good dea.

WILLIAMS: So what if we all melt, it doesn't matter?

GUTFELD: But Juan, so you're right that he should be against ethanol because that's a bad deal.

WILLIAMS: Well, you know what, we're all going to melt. It doesn't matter. Be pro-Trump. Pro-Trump. Final thoughts, next.

GUILFOYLE: Yey, Juan.

(COMMERCIAL BREAK)

GUTFELD: We have 30 seconds left. One word answers to everybody, Kimberly.

GUILFOYLE: MAGA.

GUTFELD: Juan?

WILLIAMS: EDC (ph).

GUTFELD: Oh.

WATTERS: McNuggets.

(LAUGHTER)

PERINO: Jasper.

GUTFELD: Love.

GUILFOYLE: Oh my gosh. That was weird.

(CROSSTALK)

GUTFELD: "Hannity" is up, next!

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