BLITZER: Republicans in the House and Senate certainly don't like President Obama's budget, but they've been quarreling among themselves over what to do about it.

Let's bring in Senator John McCain, Republican of Arizona, the former Republican presidential nominee.

Senator McCain, thanks for joining us.

SEN. JOHN MCCAIN (R), ARIZONA: Thanks, Wolf.

BLITZER: I've interviewed some of your colleagues in the Senate, Senator Ensign, for example, from Nevada. He says what the Republicans should do is propose amendments to the Democratic budget and argue that way.

You don't think that's necessarily such a great idea. You want to have a formal Republican response.

MCCAIN: Well, I think we should have both, Wolf. And I am confident that Senator Ensign and the overwhelming majority of Republican senators will vote for our alternative.

But I do believe that it's important to have an alternative. We had an alternative to the stimulus. We had an alternative to the Omnibus Bill. The role of the -- of the loyal opposition is not just to oppose, but to have our own agenda and vision for the future, as well.

BLITZER: Because the White House and the Democrats, they keep harping the Republicans are simply the party of no -- no, no, no.

And you say yes, there should be an alternative.

But do you have the leadership of the Republican Senate leadership with you, like Senator McConnell, for example...

MCCAIN: Yes.

BLITZER: -- your colleague, Senator Kyl.

Are they proposing a formal alternative to the Democrats?

MCCAIN: We -- I will be introducing it this evening and I'm -- and I have their support. And I'm sure we'll have their votes, as well.

BLITZER: What does your proposal do for the working class, for the average American, that President Obama and the Democrats' proposal doesn't do? MCCAIN: Well, I don't know anything that -- that the other proposal -- the president's proposal does, except that saddle our kids and grandkids with a mountain of debt. We freeze discretionary spending except for defense and veterans. We set up a bipartisan commission to address Social Security and Medicare, which, according to all observers, is going to go broke and is unsustainable. We don't raise anybody's taxes, no matter who they are. And we reduce the deficit dramatically so that we're not laying a multi-trillion dollar debt on future generations of Americans.

BLITZER: So what's the bottom line number that you have?

What, he has -- he proposed $3.6 trillion.

What's your number?

MCCAIN: Ours is 3.3 to start -- 2.3 to start with. But the point is over cumulative, over time, ours is 3.3. Over time, it mounts up to a multi-trillion dollar deficit...

BLITZER: It's...

MCCAIN: -- difference.

BLITZER: Multi-trillion, over 10 years, let's say.

MCCAIN: Yes.

BLITZER: Is that what you're saying?

MCCAIN: Yes. Yes. And the present budget proposal we are considering is only for five years. And that's because they're putting off the tough decisions that are going to have to be made during the next five years.

BLITZER: The Republicans have 41 votes in the Senate, as you know.

Is there really, realistically, is there any chance your alternative could get 50 or 51 votes?

MCCAIN: No. But I think it presents our vision for the future of the country. I think that it is a basis for negotiations. I hope that, for the first time, really, on a major issue, that the administration and the Democrats will sit down with us and try and negotiate a budget that is truly bipartisan, which we haven't done for years -- either Republican or Democrat. But also, this, I hope, sparks a debate all over America about what we need to do for our futures, as well as the present.

I believe that this kind of, as I say, the staggering debt, is generational theft.

BLITZER: The Democrats think they have the votes in the House, certainly, and in the Senate, to get their budget passed on Thursday. That would be tomorrow. Do you think they do?

MCCAIN: That they do in the Senate?

BLITZER: That they -- that they have 50 votes in the Senate?

MCCAIN: I'm -- I'm sure that they will -- I'm -- that we will pass the -- it's very likely we will pass the Democrat budget proposal tomorrow night or Friday.

BLITZER: The Democratic version?

MCCAIN: Yes.

BLITZER: All right, let me ask you, quickly, before I let you go. I know you've got to go vote...

MCCAIN: By the way, I'm sorry to say it.

BLITZER: Yes. I know you're sorry to say that.

MCCAIN: Yes.

BLITZER: But they do have the votes.

MCCAIN: Yes.

BLITZER: That's what happens in parliamentary democracies...

MCCAIN: Yes.

BLITZER: -- if you will.

All right, let's talk about the G20.

So far, what you've seen, do you like what you've seen President Obama do so far or not so happy?

MCCAIN: I like it. I think he's having a whirlwind series of meetings which are very helpful. I think that the agreement of the Russians to pursue nuclear strategic weapons agreements is an important step forward.

I want to support this president. I want him to succeed. I think there are some really strong and fundamental differences between ourselves and the Europeans on a variety of issues. But I wish him every success.

BLITZER: Senator McCain, as usual, thanks very much for joining us.

MCCAIN: Thanks a lot, Wolf.

BLITZER: OK. Go ahead and vote now.

MCCAIN: Thanks.

BLITZER: Bye-bye.