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Guests: David Axelrod and Ed Gillespie

By Fox News Sunday, Fox News Sunday - April 15, 2012

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Special Guests: David Axelrod, Ed Gillespie

The following is a rush transcript of the April 15, 2012 edition of "Fox News Sunday With Chris Wallace." This copy may not be in its final form and may be updated.

CHRIS WALLACE, HOST: I'm Chris Wallace.

The stage is set for the general election, Obama versus Romney. Game on.

We'll have exclusive interviews with top officials from both camps. Chief strategist from the Obama campaign David Axelrod and senior Romney advisor Ed Gillespie.

Axelrod and Gillespie only on "Fox News Sunday."

Then, Iran and North Korea continue to pursue their nuclear programs. We'll ask our Sunday panel if another round of diplomacy can rein in the rogue nation.

And I'll remember my dad.

(BEGIN VIDEO CLIP)

C. WALLACE: What do you make of Myron Leon Wallace from Brookline, Massachusetts --

MIKE WALLACE, CHRIS WALLACE'S FATHER: Yes.

C. WALLACE: -- having had this extraordinary journey?

M. WALLACE: It is extraordinary.

(END VIDEO CLIP)

WALLACE: All right now on "Fox News Sunday."

(MUSIC)

WALLACE: And hello again from Fox News in Washington.

First, I want to thank all of you who sent me notes on the loss of my father. Some of you had met my dad for a moment. Some have watched him on television for years. But he meant something to you and your notes meant so much to me. I'll have more on my father later in the program.

Now on to the 2012 battle for the White House which shifted to the general election this week when Mitt Romney became the presumptive Republican nominee. We'll talk with one of his senior advisors in the moment. But, first, the president's chief campaign strategist, David Axelrod, is in Chicago.

And, David, welcome back to "Fox News Sunday."

DAVID AXELROD, PRESIDENT OBAMA'S CHIEF CAMPAIGN STRATEGIST: Thanks, Chris. And let me add my condolences to all of the other that you received. My sympathies are with you and your family.

WALLACE: Thank you. Thanks so much.

I want to start with what Barack Obama promised back in 2008.

(BEGIN VIDEO CLIP)

BARACK OBAMA, THEN-PRESIDENTIAL CANDIDATE: If you don't have any fresh ideas, then you use scare tactics to scare voters. If you don't have a record to run on, then you paint your opponent as someone people should run from.

(END VIDEO CLIP)

WALLACE: And here is what President Obama has been saying recently about the Republican budget.

(BEGIN VIDEO CLIP)

OBAMA: The budget so far to the right it makes the Contract with America look like the New Deal.

It is really an attempt to impose a radical vision on our country. It is thinly veiled social Darwinism.

(END VIDEO CLIP)

WALLACE: This from the candidate of hope and change?

AXELROD: Well, Chris, come on. You -- to say that you don't want to engage in empty scare tactics is different than saying we're going to take a look at the proposals on the other side and critique them. That's what campaigns are about. That's what democracy is about.

The fact is, the Republican budget is the wrong direction for this country. More massive tax cuts for people at the top and cuts in things that we need to grow our economy like education, like research and development, like energy. More cuts in our basic social safety net. So, child care tax credits, education credits for our kids.

This is not the direction our country should go. So, of course, we're going to critique that. That is part -- that is part of the process and it is legitimate one.

WALLACE: That's absolutely true. But when you talk about social Darwinism, radical, making the Contract with America look like the New Deal -- first of all, you don't know if it's massive tax cuts for the wealthy because -- and this is a fair criticism. But the Ryan budget, they say that they are going to come up with closing loopholes for the wealthy. And when you talk about these massive spending cuts, the fact is all it's doing is reducing the rate of the growth in spending.

AXELROD: Listen, Chris, a decade from now we would have a third less spending for example on Medicaid and that will hit people with disabilities. It will hit people in nursing homes very, very hard. Millions and millions and millions of people will not be able to get the services that they need.

In terms of tax -- yes, they say that they will offer offsets. We have not heard one offset. The president has proposed closing of loopholes. We have not heard that from Congressmen Ryan and the Republicans.

So, you know, you talk about hope. I guess your hope is that they will be forthcoming sometime in the future. But the fact is, we haven't heard them.

WALLACE: In the last week, the president has made a couple of major speeches and devoted his entire weekend media address to the Buffett rule. When the president introduced the Buffett Rule last September, he said it was a matter of fairness and this is the quote, we also stabilize our debt and deficits for the next decade.

But here's the math: the Buffet Rule that millionaires should pay a minimum tax of 30 percent would bring in $47 billion over the next decade, while the president's budget adds $6.4 trillion to the deficit over the next decade.  Print  Email  Share    Recommend Tweet

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The general election officially begins and the Obama and Romney campaigns ready themselves for the sprint to November.  We’ll get insight, and preview, what the 2012 campaign will look like with Obama Campaign Chief Strategist David Axelrod and Senior Adviser to the Romney Campaign Ed Gillespie.

And, FNS anchor Chris Wallace remembers the life and legacy of his father, legendary journalist Mike Wallace.

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We'll have exclusive interviews with top officials from both camps. Chief strategist from the Obama campaign David Axelrod and senior Romney advisor Ed Gillespie.

Axelrod and Gillespie only on "Fox News Sunday."

Then, Iran and North Korea continue to pursue their nuclear programs. We'll ask our Sunday panel if another round of diplomacy can rein in the rogue nation.

And I'll remember my dad.

(BEGIN VIDEO CLIP)

C. WALLACE: What do you make of Myron Leon Wallace from Brookline, Massachusetts --

MIKE WALLACE, CHRIS WALLACE'S FATHER: Yes.

C. WALLACE: -- having had this extraordinary journey?

M. WALLACE: It is extraordinary.

(END VIDEO CLIP)

WALLACE: All right now on "Fox News Sunday."

(MUSIC)

WALLACE: And hello again from Fox News in Washington.

First, I want to thank all of you who sent me notes on the loss of my father. Some of you had met my dad for a moment. Some have watched him on television for years. But he meant something to you and your notes meant so much to me. I'll have more on my father later in the program.

Now on to the 2012 battle for the White House which shifted to the general election this week when Mitt Romney became the presumptive Republican nominee. We'll talk with one of his senior advisors in the moment. But, first, the president's chief campaign strategist, David Axelrod, is in Chicago.

And, David, welcome back to "Fox News Sunday."

DAVID AXELROD, PRESIDENT OBAMA'S CHIEF CAMPAIGN STRATEGIST: Thanks, Chris. And let me add my condolences to all of the other that you received. My sympathies are with you and your family.

WALLACE: Thank you. Thanks so much.

I want to start with what Barack Obama promised back in 2008.

(BEGIN VIDEO CLIP)

BARACK OBAMA, THEN-PRESIDENTIAL CANDIDATE: If you don't have any fresh ideas, then you use scare tactics to scare voters. If you don't have a record to run on, then you paint your opponent as someone people should run from.

(END VIDEO CLIP)

WALLACE: And here is what President Obama has been saying recently about the Republican budget.

(BEGIN VIDEO CLIP)

OBAMA: The budget so far to the right it makes the Contract with America look like the New Deal.

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