This is a rush transcript from "Hannity," March 29, 2010. This copy may not be in its final form and may be updated.

SEAN HANNITY, HOST: So now that there is a checkmark next to health care reform, tonight we are asking the question, what is next on President Obama's radical agenda?

Now it's a scary thought but right now inside the White House, the president and his top advisers are said to be developing what they are calling a spring offensive. Now even more frightening is what is actually on this to-do list and how it could destroy the American economy.

Now the administration is reportedly considering sweeping Wall Street reforms, immigration reform that could be used as a political tool to pit Hispanic voters against the GOP, a cap-and-tax bill that would hit the wallets of each and every American family in a major way, campaign finance reform which could set up a showdown with the U.S. Supreme Court and even drastic changes to No Child Left Behind.

Now these are some of the major pieces of legislation that could soon be rammed through Congress against the will of the American people. And you wouldn't know it by looking at that ambitious list, but President Obama's approval rating has sunk to an all-time low.

Now Gallup reports that only 46 percent of those polled actually approve of the job that the president is doing. That's down from a 60 percent approval rating at this time last year.

So what has the president — you know made him — what has made him so emboldened?

Here with reaction is the author of the forthcoming book, "2010: Take America Back." Or "Take Back America: A Battle Plan," Dick Morris.

How are you?

DICK MORRIS, AUTHOR, "2010: TAKE BACK AMERICA": Good to be here.

HANNITY: Your book is out in two weeks, mine is out tomorrow. And they combine — I got a chance to read yours, and I am very impressed. And very different perspectives, but both to the same agenda.

MORRIS: They're different because we're different. You spent a lifetime in the conservative movement helping to build it and create it, and I've spent a lifetime trying to win elections.


MORRIS: So we both bring a different perspective to it and it's good.

HANNITY: We've actually come to agreement on one part which is a fascinating discussion we've had over the years, is, you know, I've always wanted — I've always been against triangulation. I've always wanted principled —

MORRIS: I'm against it now. There's a chapter in my book —

HANNITY: So we agree.

MORRIS: — called "Moved." Do not move to the center. Basically saying that what people want at this point is sharp debate, and that by nationalizing the agenda we can win.

By the way, if people order it now on Barnes & Nobles or Amazon.com.

HANNITY: Autographed copy.

MORRIS: You can get a signed copy. And by the time it's published it might be —

HANNITY: Well, yours is a hard-cover, mine is paperback road map. So — and we're going to be at the Reagan Library in Simi Valley doing the show tomorrow night. So it's very exciting.

All right, let's start with these reforms. All right. So the president's approval rating is low. Health care rammed through. Corrupt deals behind all of this. Now they come up with their spring offensive.

MORRIS: Yes. Sure. Well, first of all, let's just go back to health care for a minute because I haven't had a chance to be on your show since it passed because I was doing that News Max cruise this last week.

HANNITY: Yes, life is rough.

MORRIS: No, it's great. All over the Caribbean with News Max. The — yes, the judicial challenges are fine and those may succeed eventually. But the immediate priority is that the budget cuts for Medicaid and Medicare have got to be approved by this Congress before they take effect. And they're coming up for approval in September and October. And —

HANNITY: The 500 billion.

MORRIS: Yes, at least this year's cut of them. And with the 41 votes in the Senate plus a lot of pressure we might be able to stop them.


MORRIS: But the more important thing is that if we win Congress, a lot of people say well, you can't repeal it, because he'll veto the repealer and you don't have 2/3 to override.

We don't have to repeal it. We can defund it. We can appropriate zero dollars for it if we control both Houses in Congress.

HANNITY: Yes, I want to —

MORRIS: And his veto is impotent.

HANNITY: I want to put a fine point on this. You're saying — and you think and I agree with you, although it's certainly not in the bag, that if the Republicans take back the House, if they take back the Senate, then they can defund health care and stop it right there, and there's nothing Barack Obama can do?

MORRIS: That's absolutely true.

HANNITY: Nothing?

MORRIS: Nothing he can do at that point. And the Republicans can do that with a simple majority in at least one House and certainly with simple majorities in both Houses. And that has got to be the immediate priority.

After we defeat Obama and then take Congress we can repeal this monstrosity. But we can stop it in its tracks with a simple majority.

HANNITY: Yes. Well, look, I have been saying to anybody who will listen — and I know that's why you wrote your book and I wrote my book. And this isn't just about a book club. This is more important than that.

This is, in my mind, one of — this will be a historic midterm election, if not the most important in our lifetime, in my mind.

MORRIS: My wife had a great way of putting it. She wrote in the introduction to our book, voting may be the most important single thing you do in 2010.

HANNITY: I think it may very well be. What do you think about — look, you know, Reagan said something that I found fascinating after the election in '74 when he spoke in '75. We had just come off a disastrous election that Democrats tried to run as Republicans and sounded conservative.

But once in power they revert to type.


HANNITY: And they — govern as left. They overreach. We see that here. Is this spring offensive an overreaching as well?

MORRIS: Yes, absolutely. Let's take some of those reforms that you listed on the screen. The Wall Street reform, all the attention is for consumer office which might or might not be a good idea.

What I'm concerned about is a provision that is not controversial in the bill. It's not what they're talking about. That it's pure socialism in the United States. It gives the Treasury secretary the power — in his sole discretion, with no judicial review, and no objective standards — the right to seize any financial business he wants simply because he thinks it's too big to fail and that it's in danger of failing. And then the Treasury secretary can fire the board of directors, fire the management, sell off the company, and wipe out shareholder equity.

HANNITY: Here's what I don't understand.

MORRIS: Castro doesn't have those powers.

HANNITY: Politically speaking, the American people are going to be made aware of this. The American people rejected health care, they did it anyway. Now they're going to push this big, big fat —

MORRIS: All with 51 votes. We're going to have to repeal it and defund all of it. They'll get much of this passed now because they can just go through with 51 votes and try to get it.

HANNITY: And you're are saying the Democrats are going to along with this process that they deemed and said was arrogant and unconstitutional?

MORRIS: Yes. Now there's a chance on some of the substance we can push back. But — and then the No Child Left Behind Act. What they're going to do with that is instead of basing it on reading scores and math scores and objective criteria for each school.


MORRIS: They're going to base performance on graduation rates. Which is the feel good "A" grades that teachers give them and they give them a diploma they can't —

HANNITY: We're going to get into this later in the program. Did you hear Henry Waxman?


HANNITY: Literally trying to —

MORRIS: Summoning those guys.

HANNITY: Summoning — you know, Caterpillar, John Deere, AT&T, not just summoning them to Congress —

MORRIS: To explain why they're writing down these costs.

HANNITY: No. And to also turn over internal documents. You know —

MORRIS: Listen, every company in America would like to overstate their earnings so their executive can get a higher bonus. Nobody under states their earnings which cuts their executive bonuses.

HANNITY: But isn't this the intimidation issue?

MORRIS: It is.

HANNITY: It seems to me this is what's happening in America. This president is taking on the most divisive, controversial agenda, demonizing anybody that dares to dissent. Bullying members of his own party if he can't bribe them. What does that —

MORRIS: Now let me give you another hypothetical. What happens if this financial reform bill passes and the secretary of the Treasury can seize any company he wants in the financial sector?

What company is — what CEO, what pack is going to give money to the Republican Party knowing that Obama could seize them the next day?

HANNITY: Do you think that's what they're thinking —

MORRIS: And fire them from their job.

HANNITY: You think?

MORRIS: I do. I do. And we raise this whole prospect of this web of intimidation in our book "2010."

By the way, a homework assignment for some of your viewers there. If you live where — I have a house in Lake Worth, Florida, and Boca Raton, or West Palm. On April 13th, two weeks from tomorrow, there's a special election to succeed that socialist Wexler who resigned from Congress and —

HANNITY: We're going to be a part of that day.

MORRIS: And Ed Lynch is the Republican candidate. And if we could elect Lynch, having already elected Brown in the most liberal House district after the most liberal state, it will cause a firestorm in the House.

HANNITY: Well, we got John Murtha's seat coming up.


HANNITY: I think that's in May, sometime.

MORRIS: That's right.

HANNITY: But we're going to be down in Florida, The Villages, on April — you ought to come and join us at The Villages.

MORRIS: Good, good.

HANNITY: All right, Dick, appreciate your being here. Thanks very much.

MORRIS: Thank you.

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