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CNBC Transcript: New Jersey Governor Chris Christie Speaks with CNBC's "Squawk Box" Today, Tuesday, July 1

WHEN: Today, Tuesday, July 1st

WHERE: CNBC's "Squawk Box"

New Jersey Governor Chris Christie speaks with CNBC's "Squawk Box" today. Video from the interview is available on CNBC.com.

All references must be sourced to CNBC.

JOE KERNEN: YESTERDAY REPUBLICAN GOVERNOR CHRIS CHRISTIE SIGNED A $32.5 BILLION BUDGET FOR NEW JERSEY. HE USED HIS VETO POWER TO SQUELCH TAX HIKES PROPOSED BY DEMOCRATS. JOINING US NOW IS GOVERNOR CHRIS CHRISTIE OF NEW JERSEY. WE'RE IN NEW JERSEY.

GOVERNOR CHRIS CHRISTIE: WE ARE.

KERNEN: THIS IS YOUR STATE. BECKY VACATIONS. WE ALL LOVE NEW JERSEY AS A RULE --

ANDREW ROSS SORKIN: DON'T LOOK AT ME.

KERNEN: WE ALL, EVEN YOU – I MEAN, NEW HAMPSHIRE --

JUDD GREG: LOVE NEW JERSEY. WISH I HAD ONE OF THESE PINS. THOSE ARE GREAT.

GOVERNOR CHRISTIE: WELL WE WILL GIVE YOU ONE BEFORE WE LEAVE.

SORKIN: I LOVE IT SO MUCH I COME EVERY SINGLE DAY.

GOVERNOR CHRISTIE: I DON'T THINK THAT'S WHY YOU COME EVERY DAY, ANDREW.

KERNEN: GOVERNOR, SO THE BUDGET, YOU HAVE PRIDED YOURSELF ON BEING ABLE TO WORK WITH THE LEGISLATURE HERE, WHICH MIGHT NOT HAVE ALWAYS HAVE BEEN ON THE SAME SIDE. WAS IT BIPARTISAN THIS TIME? AND THERE'S CARPING NOW ABOUT SOME OF THE STUFF, BUT TO GET IT DONE YOU HAD TO WORK WITH THE OTHER SIDE.

GOVERNOR CHRISTIE: WELL, YEAH TO SOME EXTENT, JOE, BUT NO, THIS WAS NOT A BIPARTISAN BUDGET. I TOOK THE LINE-ITEM VETO PEN OUT YESTERDAY AND VETOED STRAIGHT THE TAX INCREASES ABOUT 1.5 BILLION DOLLARS IN PROPOSED TAX INCREASES, INCOME TAX, CORPORATE BUSINESS TAX, AND OTHERS. AND THEN, YOU KNOW, VETO LINE-ITEM VETOED OUT SPENDING TO BALANCE THE BUDGET. THE BUDGET THIS YEAR IS 1.2% LOWER THAN IT WAS LAST YEAR.

KERNEN: NO MATTER HOW MANY TIMES WE TALK ABOUT ILLINOIS VERSUS TEXAS OR FLORIDA, PEOPLE STILL DON'T SEEM TO UNDERSTAND THAT A BUSINESS FRIENDLY STATE IN TERMS OF TAXES SEEMS TO ATTRACT MORE REVENUE OVER TIME AND SEEMS TO BE BETTER FOR ITS INHABITANTS. WE DID THE TOP FIVE STATES, CNBC AGAIN DID THE TOP FIVE. FIVE GOVERNORS, ALL FIVE STATES WENT FOR ROMNEY IN THE LAST ELECTION. ONLY ONE WENT FOR OBAMA, EVEN IN THE PREVIOUS ELECTION. NEW JERSEY IS STILL PRETTY HIGH TAXED STATE.

GOVERNOR CHRISTIE: YEAH, IT IS.

KERNEN: PEOPLE WANT TO GO HIGHER? THEY STILL HAVEN'T SEEN THE BENEFIT OF MAYBE KEEPING TAXES LOW?

GOVERNOR CHRISTIE: NO.

KERNEN: THEY HAVE NOT?

GOVERNOR CHRISTIE: NO. LISTEN, THIS IS MY FIFTH BUDGET AS GOVERNOR, AND IN FOUR OUT OF THE FIVE YEARS I'VE HAD TO VETO INCOME TAX INCREASES. IN NEW JERSEY WHICH ALREADY HAS A TOP INCOME TAX RATE OF 8.97%, WE'RE ALREADY ONE OF THE TWO OR THREE HIGHEST TAXED STATES IN THE COUNTRY AND I'VE HAD TO VETO INCOME TAX INCREASES FOUR OF THE LAST FIVE YEARS. YOU KNOW, FOLKS DON'T SEEM TO UNDERSTAND THAT YOU HAVE TO MAKE YOURSELF COMPETITIVE FROM A TAX PERSPECTIVE AND THAT'S WHY WHAT I'VE TRIED TO DO IS KEEP THE SPENDING TO LOWER THAN IT'S BEEN, AND FROM OUR PERSPECTIVE TAKE OUT PENSION HEALTH BENEFITS, AND DEBT SERVICE, THE ENTITLEMENTS AT THE STATE LEVEL. OUR SPENDING IN THIS BUDGET IS $2.2 BILLION LOWER THAN IT WAS IN FISCAL YEAR '08. SO WE HAVE 6,000 FEWER EMPLOYEES THAN WE HAD THE DAY I WALKED IN AS GOVERNOR. SO WE'VE BEEN SQUEEZING ON THE SPENDING SIDE BUT THE LEGISLATURE HAS REFUSED TO GIVE ME ANY TAX STUFF.

KERNEN: SO THIS IS ONLINE TOO, I DON'T KNOW WHETHER – ANDREW, YOU SAY YOU PAY STATE TAXES IN NEW JERSEY.

SORKIN: I PAY SOME STATE TAXES IN NEW JERSEY AS AN EMPLOYEE HERE.

KERNEN: BECAUSE WE PAY – AND I'M INTERESTED IN IT, BUT YOU STILL HAVE A HUGE PENSION LIABILITY, RIGHT? ONE OF THE WORST IN THE COUNTRY.

GOVERNOR CHRISTIE: SURE. ONE OF THE FIVE WORST IN THE COUNTRY.

KERNEN: ONE OF THE FIVE WORST IN THE COUNTRY.

SORKIN: AND THE CRITIQUE, THOUGH, IS THAT THE PENSION UNDER THIS NEW PLAN IS NOT FULLY FUNDED.

GOVERNOR CHRISTIE: WELL, IT IS FULLY FUNDED FOR CURRENT EMPLOYEES. WHAT I HAVEN'T BEEN ABLE TO DO BECAUSE WE HAD A REVENUE PROBLEM THIS YEAR, MUCH WORSE THAN ANYBODY OURSELVES, THE LEGISLATURE, EVEN THE RATING AGENCIES FORECASTED, WAS I WOULD NOT BE ABLE TO PAY DOWN THE SINS OF MY PREDECESSORS. WHO FOR NEARLY 20 YEARS MADE ALMOST NO PAYMENTS INTO THE PENSION.

BECKY QUICK: YEAH, IT'S BEEN THE LAST FIVE I BELIEVE.

GOVERNOR CHRISTIE: RIGHT. AND LISTEN, I HAVE MADE MORE PAYMENTS, WITH THE PAYMENT I MADE YESTERDAY, WE MADE NEARLY $700 MILLION PAYMENT YESTERDAY AT THE CLOSE OF THE FISCAL YEAR. I'VE MADE MORE PAYMENTS INTO THE PENSION THAN ANY OF MY PREDECESSORS, ALMOST $3 BILLION.

KERNEN: I'M GOING TO GET VERY INCENDIARY HERE JUST FOR A SECOND. AND THIS WAS IN – I DON'T THINK WE'VE EVER HAD ANYTHING FROM ZERO HEDGE ON HERE BEFORE. BUT THERE WAS AN ECONOMIST NAMED ARMSTRONG, AND I HAVEN'T SHOWN YOU THIS YET ANDREW, BUT TALKING ABOUT PIKETTY, WEALTH DISPARITY, INCOME DISTRIBUTION. LOOK AT WHAT HAPPENS HERE. HE'S FORECASTING CIVIL UNREST EVENTUALLY. THIS WON'T END PRETTY. THE GREATEST PROBLEM WE HAVE HERE IS MISINFORMATION. PEOPLE SIMPLY DON'T COMPREHEND WHY AND HOW THE ECONOMIC POLICIES OF THE POST-WAR ERA ARE IMPLODING. THE PENSIONS CREATED FOR THOSE IN GOVERNMENT DRIVE THE COST OF GOVERNMENT UP EXPONENTIALLY WITH TIME. THEN, I'M NOT GOING TO NAME ANY NAMES OR ANY POLITICIANS, BUT THE POLITICAL FORCES BLAME THE RICH AND THIS MERELY CREATES A CLASS WARFARE WITH NO RESOLUTION FOR THE FUTURE. EVEN CONFISCATING ALL THE WEALTH OF THE SO-CALLED RICH WILL NOT SUSTAIN THE SYSTEM. CONSEQUENTLY, AGAIN AND AGAIN WE CRASH AND BURN AND HAVE TO START ALL OVER AGAIN. AND THEN, WE WILL JUST END QUICKLY, THIS IS NOT GOING TO END PRETTY. THE QUESTION IS WHEN DOES SOCIETY WAKE UP? JUST HOW HIGH WILL THIS PRICE BE THAT WE HAVE TO PAY? ONCE AGAIN, THEY'RE GOING TO BLAME THE RICH AND THE IDIOTS, NOT MENTIONING ANY NAMES HERE, WILL CHEER, GET THEM. GET THE RICH, ONCE AGAIN, WHAT WILL HAPPEN WHEN THERE IS NO MORE WEALTH TO HUNT? WE END UP WITH A COMMUNIST STATE BY DEFAULT – NO WEALTH, JUST CAREER POLITICIANS WHO BLAME EVERYONE BUT THEMSELVES.

GREGG: WAS THIS A QUOTE FROM ANDREW'S BOOK?

KERNEN: THIS A QUOTE FROM ANDREW'S BOOK. THIS IS AN ECONOMIST. I JUST LIKE, I LIKE THE WORDING. AND THE REASON I BRING IT UP, IF YOU RUN FOR PRESIDENT, YOU'RE RUNNING IN AN ENVIRONMENT WHERE THERE'S THIS HUGE CLASS STRUGGLE NOW, THAT'S BEEN BROUGHT FORE AND CENTER. WE EVEN FORGET WE'RE A MERITOCRACY AT TIMES. WE THINK WE NEED AN EGALITARIAN OUTCOME. A LOT OF PEOPLE DO. HOW DO YOU ACT LIKE A KIND, GENTLE COMPASSIONATE PERSON WHEN YOU HAVE TO CUT PENSIONS?

GOVERNOR CHRISTIE: YOU TELL THE TRUTH. I MEAN LISTEN, PEOPLE AREN'T STUPID.

KERNEN: YES, THEY ARE.

GOVERNOR CHRISTIE: NO, NO, I DISAGREE WITH YOU, JOE.

KERNEN: I CAN SHOW YOU 50% OF THE COUNTRY THAT IS STUPID ON THIS ISSUE.

GOVERNOR CHRISTIE: I DISAGREE WITH YOU.

KERNNE: WELL, THEN READ THE HUFFINGTON POST.

GOVERNOR CHRISTIE: WELL HERE'S – LISTEN. I TRY NOT TO DO THAT. I LIKE TO KEEP MY BLOOD PRESSURE AT A REASONABLE LEVEL.

KERNEN: READ SOME NEWSPAPERS.

GOVERNOR CHRISTIE: BUT HERE'S THE THING, THE REASON WHY SOME PEOPLE ARE LESS INFORMED THAN OTHERS IS BECAUSE THOSE OF US IN POLITICAL LIFE, MANY OF US, ARE NOT DOING OUR JOB. AND THE FACT IS SINCE JANUARY, EVEN BEFORE I KNEW WE HAD A REVENUE PROBLEM, IN MY STATE OF THE STATE ADDRESS I WAS TELLING PEOPLE THE PENSION REFORM WE DID IN 2011, WHILE IT HELPED, IS NOT ENOUGH AND WE NEED TO DO MORE AND HERE'S WHY. AND I SAID THESE CHICKENS ARE GOING TO COME HOME TO ROOST. WELL I DIDN'T KNOW THEY WERE GOING TO COME HOME IN MAY. I THOUGHT IT WAS ABOUT A YEAR OFF. BUT THE FACT IS WE NEED TO BE TALKING ABOUT THIS. SO WHAT YOU'RE GOING TO SEE ME DO ALL SUMMER IS TO BE OUT ACROSS THE STATE OF NEW JERSEY MAKING THE ARGUMENT THAT WE NEED TO FIX THIS SYSTEM OR IT WILL EAT US ALIVE. AND THAT'S WHAT YOU NEED. WE NEED TO SPEAK IN STARK, PLAIN, UNDERSTANDABLE TERMS TO PEOPLE. AND THEN I DON'T AGREE WITH YOU, JOE, THEY WILL GET IT. AND THEY WILL UNDERSTAND. AND WHEN THEY DO, THEN THEY WILL EMPOWER US TO TAKE ACTION. AND I'M -- I SIMPLY THINK THAT POLITICIANS IN THE MAIN HAVE BEEN AT FAULT.

KERNEN: THE MEDIA ENABLES THE OTHER SIDE, TOO.

QUICK: I KNOW THAT YOU HAVE PUT IN ENOUGH FUNDING FOR THE CURRENT RETIREES. BUT IF YOU'RE A 40-YEAR-OLD WHO IS WORKING FOR THE STATE RIGHT NOW, SHOULD YOU READ INTO THIS THAT THESE PROMISES THAT HAVE BEEN MADE WILL NOT BE THERE WHEN YOU'RE SET TO RETIRE? THAT WE CAN'T AFFORD IT.

GOVERNOR CHRISTIE: IF WE DO NOTHING, BECKY, THEY WON'T BE THERE.

QUICK: WHAT'S THE ALTERNATIVE?

GOVERNOR CHRISTIE: LISTEN, THERE ARE A NUMBER OF ALTERNATIVES. AND I'M GOING TO LAY SOME OUT THIS SUMMER FOR ADDITIONAL PENSION REFORM AND HEALTH BENEFIT REFORM. THINK ABOUT THIS, NEXT FISCAL YEAR, FOR THE FIRST TIME IN OUR HISTORY, THE STATE OF NEW JERSEY WILL PAY MORE MONEY FOR RETIREE HEALTH PREMIUMS THAN WILL PAY FOR ACTIVE EMPLOYEES. WE WILL CROSS THAT LINE NOW. IT'S UNSUSTAINABLE. AND SO, WHAT PEOPLE WHO ARE IN THEIR 40s RIGHT NOW, WORKING FOR STATE GOVERNMENT SHOULD BE DOING IS URGING THE STATE LEGISLATURE TO WORK WITH ME TO BE ABLE TO FIX THE SYSTEM SO THERE IS A PENSION THERE FOR THEM. BUT LOOK AT DETROIT. LOOK AT WHAT'S HAPPENING AT THE MUNICIPAL LEVEL. THAT IS COMING TO THE STATE LEVEL.

QUICK: WHEN? WHAT'S THE TIPPING POINT? AND WHAT DOES IT LOOK LIKE? WHAT ARE THE NUMBERS? YOU JUST MENTIONED THAT MORE RETIREES – WE ARE PAYING FOR MORE RETIREES THAN ACTIVE PEOPLE WORKING.

GOVERNOR CHRISTIE: RIGHT. ON THE HEALTH BENEFIT SIDE WE'LL DO THAT STARTING NEXT YEAR. THE FACT IS THE TIPPING POINT IS COMING. WE DON'T HAVE A LIQUIDITY PROBLEM AT THE MOMENT. WE'RE ABLE TO PAY OUR BILLS IN THE PENSION. WE'VE HAD EXTRAORDINARY PERFORMANCE IN OUR PENSION. THIS YEAR ENDING THE FISCAL YEAR YESTERDAY, OUR RATE OF RETURN IN THE PENSION SYSTEM IS 15.5%. NOW, WE HAVE AN ANTICIPATED RATE OF RETURN OF 7.9%. YOU SEE $5.5 BILLION OVER OUR ANTICIPATED RATE OF RETURN. NOW THOSE ARE GOOD MARKETS NOW AND WE HAVE, YOU KNOW, EXCELLENT BOB GRADY RUNS OUR PENSION SYSTEM. HE DOES A GREAT JOB. BUT THE FACT IS THAT CAN'T LAST FOREVER EITHER.

QUICK: 7.9% IS EVEN HIGH. AND PEOPLE WILL LOOK AT THAT --

GOVERNOR CHRISTIE: IT IS. BUT REMEMBER BECKY, WHEN I CAME IN THE ANTICIPATED RATE OF RETURN WAS 8.5%. IN THE PENSION REFORM IN '11 WE SAID WE NEEDED TO BE MORE HONEST AND WE MOVED IT DOWN TO 7.9% AND IN THE NEXT ROUND OF REFORM WE HAVE TO MOVE IT DOWN FURTHER TO JUST COME CLOSE TO HISTORICAL TRENDS. BUT THE FACT IS WHAT THE 40-YEAR-OLD STATE WORKER SHOULD BE CONCERNED ABOUT RIGHT NOW IS GETTING REFORM. BECAUSE IF THEY JUST PUT THEIR HEADS IN THE SAND THEN WE WILL HAVE A DETROIT-LIKE PROBLEM IN NEW JERSEY, IN ILLINOIS, IN CALIFORNIA AND LOTS OF OTHER STATES ACROSS THIS COUNTRY. 40 STATES OUT OF THE 50 HAVE AN UNSUSTAINABLE PENSION PROBLEM AS WE SIT HERE TODAY.

KERNEN: SO DOES THE FEDERAL GOVERNMENT.

GOVERNOR CHRISTIE: YEAH.

SORKIN: GOVERNOR, ON THAT POINT, THE CREDIT RATING AGENCIES HAVE DOWNGRADED NEW JERSEY ABOUT SIX TIMES NOW.

GOVERNOR CHRISTIE: YEAH.

SORKIN: ARE THEY RIGHT?

GOVERNOR CHRISTIE: WELL WHO KNOWS. YOU KNOW, THE FACT IS THAT THEY WERE DEAD WRONG IN 2008. I DON'T PUT A LOT OF STOCK INTO THE CREDIT RATING AGENCIES.

SORKIN: HOW MUCH DO YOU THINK ABOUT THAT THOUGH WHEN YOU LOOK AT A BUDGET LIKE THIS?

GOVERNOR CHRISTIE: NOT AT ALL. WHAT I THINK ABOUT IS I HAVE A CONSTITUTIONAL REQUIREMENT TO BALANCE THE BUDGET AND I HAVE A STATE THAT'S ALREADY HIGH TAXED AND I'M NOT GOING TO RAISE TAXES ON THE PEOPLE OF THE STATE OF NEW JERSEY AND DRIVE MORE PEOPLE OUT. REMEMBER ANDREW WHEN WE HAD THE FIRST LARGE TAX INCREASES IN NEW JERSEY IN THE PERIOD OF 2003, 2004 UNDER GOVERNOR McGREEVEY, BOSTON COLLEGE DID A STUDY OF THE YEARS 2004 TO 2008, $70 BILLION IN WEALTH LEFT NEW JERSEY. NOT DIMINISHED WEALTH, DEPARTED WEALTH. AND WE KNOW BECAUSE I KNOW THESE FOLKS. THEY WENT TO FLORIDA. THEY WENT TO TENNESSEE. THEY WENT TO NORTH CAROLINA.

QUICK: I CAN THINK OF SOME PEOPLE.

GOVERNOR CHRISTIE: NEW HAMPSHIRE. I MEAN, THEY WENT TO PLACES THAT ARE LOWER TAXED. THIS FICTION THAT YOU CAN CONTINUE TO TAX PEOPLE AS MUCH AS YOU WANT, AS A STATE, AND THEY DON'T HAVE ANY PLACE ELSE TO GO, THESE FOLKS WHO ARE WEALTHIER ARE THE MOST MOBILE. THEY USUALLY HAVE MULTIPLE HOMES ALREADY. SO IT'S NOT EVEN A MATTER OF THEM LEAVING NEW JERSEY. THEY JUST HAVE TO LEAVE NEW JERSEY FOR 181 DAYS. AND THEN WE DON'T GET THEIR TAX MONEY ANYMORE.

KERNEN: YOU KNOW, I WISH WE HAD HOURS AND HOURS. BUT LET'S TALK ABOUT 2016. YOU WERE THE GOLDEN BOY. YOU WERE A SHOO-IN IF YOU HAD SAID YES --

GOVERNOR CHRISTIE: COME ON.

KERNEN: IF YOU HAD SAID YES FOR THE NOMINATION. GUYS LIKE LANGONE, GUYS THAT STILL LOVE YOU OBVIOUSLY. OK, THEN WE HAVE BRIDGEGATE. TIME HEALS A LOT OF WOUNDS, AND THIS IS, YOU KNOW, FOR ME, I MEAN I'M GETTING AUDITED AGAIN. ALL RIGHT. YOU'VE BEEN -- WE'VE ALL BEEN. I THINK IRS, SOMETHING LIKE THIS IN TERMS OF SCANDALS INSTEAD OF SOME STUPID HAZING ALMOST. OR BENGHAZI. PUT ANY SCANDAL UP AGAINST IT. I DON'T UNDERSTAND IT FROM THE FIRST PLACE, BUT I DO KNOW HOW THE MEDIA WORKS SO I UNDERSTAND. BUT AS THINGS GET FURTHER INTO THE REAR VIEW MIRROR THEY GO AWAY. WE'RE EVEN TALKING ABOUT POSSIBLY ELECTING ANOTHER BUSH. DO YOU BELIEVE THAT, AFTER THE WAY THE LAST ONE LEFT OFFICE, WHERE WE WERE? SO THINGS -- TIME HEALS. YOU FEEL LIKE YOU'RE THIS IS BEHIND YOU NOW AND YOU'RE ON UPSWING IN TERMS OF BEING AGE TO DO THIS?

GOVERNOR CHRISTIE: LISTEN, I DON'T GET TO DETERMINE WHAT'S BEHIND ME AND WHAT ISN'T.

KERNEN: YOU'RE UP FIVE POINTS AGAINST HILLARY IN IOWA FROM WHERE YOU WERE.

GOVERNOR CHRISTIE: YEAH WELL LISTEN AND I'M NOT RUNNING FOR ANYTHING AT THE MOMENT. SO IT'S REALLY GREAT TO BE –

KERNEN: YOU'RE NOT?

GOVERNOR CHRISTIE: NO LISTEN, I'M ELECTED TO A SECOND TERM IN NEW JERSEY AND I HAVEN'T MADE ANY DECISION ABOUT WHETHER I'M GOING TO RUN FOR PRESIDENT OR NOT. BUT THE FACT JOE IS THAT I DON'T GET TO DETERMINE WHAT'S BEHIND ME OR NOT. WE'VE SEEN THAT ALREADY.

KERNEN: CAN YOU OVERCOME WHATEVER PERCEPTION WAS ENGENDERED AT THAT POINT IN YOUR VIEW? YOU DON'T EVEN CARE?

GOVERNOR CHRISTIE: YOU KNOW WHAT? I'M MYSELF. AND I THINK WHAT THE PEOPLE ACROSS THIS COUNTRY, AND I'VE BEEN IN 19 STATES NOW IN THE LAST FOUR OR FIVE MONTHS OR SO SINCE DECEMBER, AND WHAT PEOPLE TALK TO ME ABOUT IS NOT THAT STUFF. AND THEY KNOW WHO I AM. AND I DON'T CHANGE WHO I AM. THE FACT IS, THAT SINCE JANUARY 9th WHEN ALL THIS STUFF CAME OUT, THERE HASN'T BEEN ONE NEW FACT PRESENTED BY ANYBODY THAT CONTRADICTS WHAT I SAID ON JANUARY 9th AND THERE WON'T BE. BECAUSE I TOLD THE TRUTH. LIKE I ALWAYS DO. I'VE SAID TO PEOPLE OF NEW JERSEY AND I WOULD SAY TO PEOPLE ACROSS THE COUNTRY, NO POLITICIAN IS EVER GOING TO HAVE A MISTAKE-FREE STAFF, A MISTAKE-FREE ADMINISTRATION AND SO YOU DO THE BEST YOU CAN. AND WHEN THAT STUFF HAPPENS YOU TAKE RESPONSIBILITY FOR IT, YOU CHANGE IT AND YOU MOVE ON.

KERNEN: IN MY VIEW, YOU WERE THE GOLDEN BOY, BUT IT WAS TOTALLY, IT WAS SUPERFICIAL, NO ONE EVEN KNEW YOU. NO ONE KNEW ANYTHING ABOUT YOU. SO NOW PEOPLE HAVE A MUCH BETTER IDEA. YOU HAVE TO BE --

GOVERNOR CHRISTIE: WELL I DON'T THINK I'M UNKNOWN ANYMORE, JOE.

KERNEN: WELL, YOU HAVE TO BE TIME TESTED. WE KNOW HOW YOU DANCE NOW.

GOVERNOR CHRISTIE: IT'S AN IMPORTANT THING TO KNOW.

KERNEN: BUT WHO SHOULD REPUBLICANS RUN IN 2016? WHAT'S THE COUNTRY GOING TO BE READY FOR? SOMEONE WAY RIGHT? OR SOMEONE --

GOVERNOR CHRISTIE: WHO KNOWS. I MEAN THERE IS GOING TO BE --

KERNEN: YOU'VE GOT TO WIN TO GOVERN DON'T YOU?

GOVERNOR CHRISTIE: WELL, THAT'S ABSOLUTELY TRUE. BUT THE FACT IS THAT'S WHAT WE SHOULD BE FOCUSED ON AS A PARTY. UNFORTUNATELY I THINK OUR PARTY ALL TOO OFTEN HAS BEEN MORE INTERESTED IN WINNING THE ARGUMENT THAN WINNING THE ELECTIONS.

KERNEN: DO YOU HAVE IDEAS ON WHAT WE SHOULD DO?

GREGG: WELL, I'D BE INTERESTED IN THE GOVERNOR'S IDEAS. FIRST, IT IS GREAT TO HAVE THE GOVERNOR HERE AND WHAT HE'S DOING IN NEW JERSEY IS EXACTLY WHAT WE NEED TO DO AT THE FEDERAL LEVEL WHICH IS GET OUR PENSION STRUCTURE UNDER CONTROL AND OUR MEDICARE AND SOCIAL SECURITY ARE DRIVING US INTO BANKRUPTCY AS A NATION. BUT, YOU KNOW, OUR PARTY IS NOW FACTIONALIZED AND THOSE FACTIONS INSTEAD OF COMING TOGETHER WHICH IS THE PURPOSE OF THE PARTY ARE SPREADING APART AND AREN'T COMMUNICATING AND PART OF THE FACTION SIMPLY WANT TO SHOUT AND THEY DON'T WANT TO GOVERN. SO HOW SHOULD A NOMINEE OF OUR PARTY STRUCTURE THE PRESENTATION OF THE PARTY SO IT CAN COMMUNICATE WITH THE INDEPENDENT VOTERS WHO ARE THE SWING VOTE AND ESPECIALLY INDEPENDENT WOMEN VOTERS WHO TRULY ARE THE SWING VOTE IN THIS COUNTRY.

GOVERNOR CHRISTIE: WELL LISTEN, WE DID IT IN NEW JERSEY LAST YEAR. AN ENORMOUSLY BLUE STATE, WE WON 61% OF THE VOTE STATEWIDE, WE WON 58% OF THE FEMALE VOTE, WE WON TWO THIRDS OF THE INDEPENDENT VOTE, 53% OF THE HISPANIC VOTE. SO, YOU KNOW, IT CAN BE DONE. AND THE WAY IT CAN BE DONE IS TELLING PEOPLE THE TRUTH.

GREGG: BUT HOW DOES SOMEBODY LIKE YOURSELF RUN IN WHAT IS THE CENTER OF THE PARTY RIGHT NOW WHICH IS THE SOUTH AND THE WESTERN STATES?

GOVERNOR CHRISTIE: YOU'RE GOING TO SEE ME TRAVEL ALL THROUGH THE SOUTH TO WORK FOR SOUTHERN GOVERNORS. I WAS IN TENNESSEE. THE RECEPTION THERE HAS BEEN GREAT. I THINK WE STEREOTYPE TOO MUCH. AND QUITE FRANKLY, IT'S ABOUT LEADERSHIP WHEN YOU TALK ABOUT THE FACTIONALIZATION EVERY PARTY OUT OF POWER GETS FACTIONALIZED. REMEMBER THE DEMOCRATIC PARTY OUT OF POWER THEY WERE FACTIONALIZED. THE FACT IS YOU NEED A LEADER WHO IS GOING TO SAY I CARE ABOUT GETTING THE JOB DONE, FOLLOW ME.

SORKIN: DO YOU NEED A LEADER, THOUGH, WHO IS IN THE MIDDLE? OR – I MEAN, PEOPLE HAVE ARGUED THAT THE REPUBLICANS HAVE CHOSEN THE SAFE CHOICE AND I DON'T KNOW IF THE SAFE CHOICES ALWAYS WORK. OR DO YOU THINK YOU ACTUALLY NEED SOMEBODY ON THE OUTSIDE?

GOVERNOR CHRISTIE: THOSE LABELS MATTER TO GUYS LIKE YOU, BUT THEY DON'T MATTER TO PEOPLE LIKE ME AND THEY DON'T MATTER TO VOTERS. YOU WRITE ABOUT LEFT, RIGHT, CENTER AND TRY TO REALLY CHARACTERIZE SOMEBODY THAT WAY, I'VE GOT A WHOLE RANGE OF VERY DIFFERENT OPINIONS ON DIFFERENT SUBJECTS. I BELIEVE I'M A CONSERVATIVE. BUT THERE WILL BE OTHER PEOPLE WHO WILL SAY, "NO, HE'S A MODERATE." THERE WILL BE OTHER PEOPLE IN MY STATE WHO WILL SAY, "HE'S CRAZY, HE'S TOO FAR RIGHT." ALL THAT DEPENDS ON WHERE YOU SIT IN THE END, BE WHO YOU ARE. AND LET PEOPLE JUDGE YOU BASED ON YOUR RESULTS AND WHAT YOU SAY AND WHAT YOU DO. AND THAT'S WHAT WE'RE GOING TO DO.

KERNEN: BUT GOVERNOR I THINK A GUY THAT JUST WANTS TO KEEP THE GOVERNMENT OUT OF THE BEDROOM, OUT OF -- THE SOCIAL ISSUES GET IN THE WAY A LOT OF TIMES OF REPUBLICANS. I'D LIKE TO TALK ABOUT CORPORATE TAX REFORM. I'D LIKE TO TALK ABOUT ENTITLEMENT REFORM. I'D LIKE TO TALK ABOUT ALL THE THINGS THAT THE REPUBLICAN PARTY USED TO KNOW HOW TO DO, AND USED TO KNOW HOW TO TALK ABOUT AND NOW THEY GET BOGGED DOWN AND LOOK AT WHAT WE TALKED WITH ROMNEY DURING THE ENTIRE ELECTION. NONE OF THOSE THINGS.

GOVERNOR CHRISTIE: JOE, LISTEN. PART OF THAT IS THE FAULT OF THE CANDIDATE. IF YOU ALLOW YOURSELF TO GET BOGGED DOWN THEN YOU'RE GOING TO GET BOGGED DOWN. THE FACT IS THAT I'M THE FIRST PRO-LIFE GOVERNOR IN THE HISTORY OF NEW JERSEY.

KERNEN: YOU'RE PRO-LIFE BUT YOU'D STAY OUT OF THE -- AND STATES CAN --

GOVERNOR CHRISTIE: BUT I'M PRO-LIFE. SO YOU'RE SAYING THE SOCIAL ISSUES BOGG YOU DOWN. I'M PRO-LIFE, DIDN'T BOG ME DOWN. I GOT 61% OF THE VOTE.

KERNEN: YOU WANT TO TAKE AWAY THE RIGHT TO CHOOSE FROM WOMEN?

GOVERNOR CHRISTIE: BECAUSE I TOOK OTHER ISSUES LIKE THE ONES YOU TALKED ABOUT AND THAT'S WHAT I SPENT MOST OF MY TALKING ABOUT. BUT I DIDN'T HIDE.

KERNEN: RIGHT, BUT DO YOU THINK A REPUBLICAN CANDIDATE SHOULD RUN ON TAKING AWAY THE RIGHT TO CHOOSE?

GOVERNOR CHRISTIE: THE REPUBLICAN CANDIDATE SHOULD TELL PEOPLE WHAT THEY FEEL ON ISSUES THAT PEOPLE ASK YOU ABOUT. IF YOU GET ASKED A QUESTION, ANSWER IT. THAT'S ALL. AND LET PEOPLE --

QUICK: YOU'RE PRO-LIFE, BUT WHAT WOULD YOU DO IN TERMS OF WHAT WE'VE BEEN TALKING ABOUT THIS MORNING, JUST THE RULING THAT CAME DOWN FROM THE SUPREME COURT YESTERDAY. WAS THE SUPREME COURT RIGHT IN ITS DECISION?

GOVERNOR CHRISTIE: WHO KNOWS. IS THE SUPREME COURT RIGHT? THE FACT IS THAT WHEN YOU'RE AN EXECUTIVE, YOUR SUPREME COURT MAKES A RULING AND YOU GOT TO LIVE WITH IT UNLESS YOU CAN GET THE LEGISLATIVE BODY TO CHANGE THE LAW OR CHANGE THE CONSTITUTION. THE POINT IS, WHY SHOULD I GIVE AN OPINION ON WHETHER THEY'RE RIGHT OR WRONG? IN THE END OF THE DAY THEY DID WHAT THEY DID. THAT'S NOW THE LAW OF THE LAND UNLESS PEOPLE IN THE ELECTED BRANCHES TRY TO CHANGE IT. THIS IS THE WAY YOU GET BOGGED DOWN IN THOSE THINGS. YOU KNOW WHAT? I DON'T THINK THAT'S THE MOST CENTRAL ISSUE THAT WE NEED TO TALK ABOUT THIS MORNING.

QUICK: I WOULD AGREE.

GOVERNOR CHRISTIE: WHEN YOU LOOK AT THE CHALLENGES THAT FACE OUR COUNTRY. AND IF I ALLOW PEOPLE TO PUT ME INTO THAT BOX, THEN SHAME ON ME. I'M NOT A GOOD POLITICIAN. I'M NOT A GOOD LEADER IF I LET THEM DO THAT.

KERNEN: HAVE YOU GOT A PLAN TO BRING, IF YOU WERE TO RUN, TO BRING THE U.S. BACK IN TERMS OF GDP, AND IN TERMS-- YOU MIGHT HAVE A COOPERATIVE CONGRESS. PEOPLE SAY, "WELL CONGRESS ISN'T DOING ANYTHING." WHAT SHOULD THE FEDERAL GOVERNMENT OR CONGRESS OR THE GOVERNMENT IN GENERAL DO TO HELP US REGAIN OUR MOMENTUM? BECAUSE WE'VE HAD THE WORST RECOVERY EVER FROM A RECESSION.

GOVERNOR CHRISTIE: LISTEN, WE KNOW THE THINGS THAT NEED TO BE DONE AND THE SENATOR JUST ALLUDED TO THEM. WE NEED TO GET AT ENTITLEMENT REFORM, WE NEED TO GET AT SERIOUS ACROSS THE BOARD TAX REFORM.

KERNEN: WOULD THAT HELP GROWTH?

GOVERNOR CHRISTIE: OF COURSE IT WOULD HELP GROWTH.

KERNEN: HOW WOULD ENTITLEMENT REFORM HELP GROWTH?

GOVERNOR CHRISTIE: BECAUSE THE LESS MONEY THAT THE GOVERNMENT IS TAKING OUT OF THE SYSTEM, THE LESS DEBT THAT WE'RE RUNNING UP AS A GOVERNMENT.

KERNEN: BUT PEOPLE SAY THE DEFICIT'S TAKING CARE OF ITSELF ALREADY. THAT'S NOT --

GOVERNOR CHRISTIE: NOT AT THIS LEVEL OF GROWTH THE DEFICIT'S NOT TAKING CARE OF ITSELF. YOU GET GDP GROWTH AT 5% OR 6% THEN MAYBE THE DEFICIT STARTS TO TAKE CARE OF ITSELF. BUT NOT GDP GROWTH AS ANEMIC AS WE'VE HAD IN THIS ADMINISTRATION. BUT THE FACT IS, JOE, IF I DECIDE TO RUN, I BETTER HAVE A PLAN TO TRY TO MAKE THE COUNTRY RECOVER. AND HAVE GROWTH AGAIN SO THAT PEOPLE CAN HAVE CONFIDENCE AGAIN IN THEIR OWN FAMILIES' ECONOMICS. LET ALONE THE ECONOMICS OF THE COUNTRY AND THE WORLD. BUT I HAVEN'T MADE THAT DECISION ABOUT WHETHER I'M GOING TO DO ANYTHING OR NOT BEYOND BEING GOVERNOR OF NEW JERSEY FOR THE NEXT THREE YEARS.

QUICK: WELL LET'S GO BACK TO PENSION REFORM IN NEW JERSEY. WHAT IS THE NEXT STEP? BECAUSE THE DEMOCRATS NOW SAY THAT THEY DON'T TRUST YOU. THEY DON'T TRUST YOUR WORD. WHAT DO YOU TELL THEM?

GOVERNOR CHRISTIE: YEAH. THEY DON'T TRUST – WELL, YOU KNOW –

QUICK: WELL, THEY SAY THIS AFTER THE 2011 REFORMS. YOU'RE RIGHT, YOU DIDN'T KNOW WHAT WAS GOING TO HAPPEN WITH THE RECEIPTS THAT CAME IN. BUT WHAT DO YOU DO? WHERE DO YOU START OVER WITH THEM?

GOVERNOR CHRISTIE: SURE. GOVERNING UNFORTUNATELY FOR PEOPLE IN THE LEGISLATURE, NO OFFENSE SENATOR, FOR PEOPLE IN THE LEGISLATURE, THEY CAN SAY WHATEVER THEY WANT. WHEN YOU'RE THE EXECUTIVE BRANCH YOU ACTUALLY HAVE TO GOVERN. AND GOVERNING IS NOT A STATIC OPERATION. SO IF REVENUES COME IN FOR THE MONTH OF APRIL $700 MILLION LOWER THAN PROJECTED BY US, AND $600 MILLION LOWER THAN PROJECTED BY THE LEGISLATURE, WELL THEN YOU'VE GOT TO MAKE SOME CHANGES. THAT IS THE WAY TO GOES.

QUICK: WHAT HAPPENED ANYWAY? WHY DID THE NUMBERS COME IN MUCH LOWER?

GOVERNOR CHRISTIE: WE BELIEVE, LISTEN THIS IS LIKE, I EMPATHIZE WITH HARRY TRUMAN MORE EVERY DAY ABOUT WANTING TO HAVE A ONE-HANDED ECONOMIST. BUT THE FACT IS WHAT THE ECONOMISTS ARE TELLING US NOW IS THE OBAMA TAX INCREASES THAT WERE PUT INTO EFFECT AT THE END OF '12, FORCED A LOT OF HIGH NET WORTH INDIVIDUALS WHICH WE RELY UPON PREDOMINANTLY IN NEW JERSEY, 41% OF OUR INCOME TAX IS PAID BY THE TOP 1% IN OUR STATE. SO THEY ACCELERATED A LOT OF INCOME AND DIVIDEND, AND CAPITAL GAIN INTO 2012 TO AVOID THE INCREASES IN 2013. AND WE, OURSELVES AND THE LEGISLATURE, AND LOTS OF OTHER STATES AS YOU'VE SEEN HAVE THIS PROBLEM, UNDERESTIMATED HOW AGGRESSIVELY THEY DID THAT. BUT WHAT IT TELLS YOU IS HOW SKEWED OUR TAX SYSTEM IS. THAT WHEN 1% OF THE INDIVIDUALS IN MY PARTICULAR STATE CAN SKEW TAX REVENUES THAT SEVERELY, WE'RE RELYING TOO HEAVILY ON THEM, WE'RE TAXING THEM TOO HIGH. AND WE'RE FORCING THEM, AS A RESULT TO PLAY GAMES WITH THEIR ACCOUNTANTS THAT WIND UP HURTING US.

SORKIN: GOVERNOR, I WANT TO TOUCH ON ONE LAST ISSUE BEFORE WE LET YOU GO.

GOVERNOR CHRISTIE: YEAH.

SORKIN: DRUGS. YOU'VE TAKEN ON DRUGS IN THIS STATE AND I IMAGINE YOU MAY TAKE IT ON AS AN ISSUE NATIONALLY IF YOU CAMPAIGN FOR THE PRESIDENT. I JUST CAME BACK FROM COLORADO WHERE DRUGS ARE LEGAL. WHY ARE YOU TAKING ON THIS ISSUE NOW AND I ASK IT IN PART BECAUSE I THINK NATIONAL POLLS SUGGEST AT LEAST ON THINGS LIKE MARIJUANA, PEOPLE WANT TO LEGALIZE IT. I'M NOT SURE I'M THERE BY THE WAY. I SAW SOME STUFF WE SHOULD TALK ABOUT LATER IN COLORADO THAT MADE ME VERY ANXIOUS.

GOVERNOR CHRISTIE: SURE. LISTEN, I'VE TAKEN ON DRUGS FOR THE LAST DOZEN YEARS. AND UNDERSTAND WHAT I'M SAYING. I'M AGAINST LEGALIZATION OF MARIJUANA. I THINK IT'S WRONG. I DON'T THINK WE SHOULD DO IT. HOWEVER WHAT I HAVE SAID IS THE WAR ON DRUGS IS A FAILURE. AND IT'S A FAILURE BECAUSE THIS IS A DISEASE. AND WE NEED TO TREAT THE DISEASE. AND SO WHAT I DID IN NEW JERSEY, I THINK THE FIRST STATE IN THE COUNTRY WHERE FOR FIRST-TIME NONVIOLENT DRUG OFFENDERS, WE ARE NOT SENDING THEM TO PRISON WE'RE MAKING IT MANDATORY IN-PATIENT DRUG TREATMENT. BECAUSE I BELIEVE THAT EVERY LIFE IS PRECIOUS AND WHAT I SAID TO THE FAITH AND FREEDOM COALITION WHEN I WENT DOWN THERE A WEEK OR SO AGO IS IF YOU'RE PRO-LIFE YOU NEED TO BE PRO-LIFE FOR THE WHOLE LIFE. NOT JUST WHEN THEY'RE IN THE WOMB. AND SOMETIMES WHEN YOU'RE PRO-LIFE AND YOU FAVOR LIFE, IT'S MESSY. BECAUSE PEOPLE MAKE MISTAKES. I MEAN I WISH NO PERSON TOOK DRUGS FOR THE FIRST TIME BUT LOTS DO. AND SOME CAN DEAL WITH IT AND SOME BECOME ADDICTED AND THAT DISEASE TAKES OVER THEIR LIFE. AND SO, I THINK WE HAVE TO TAKE A WHOLE NEW APPROACH TO THIS, WHICH IS WE NEED TO TREAT PEOPLE, TREATMENT CAN BE EFFECTIVE. IT IS IN FACT THE ONLY TOOL TO FIGHT DRUG ADDICTION IN THE RIGHT WAY. SO, I DON'T FAVOR LEGALIZATION OF MARIJUANA AND I DON'T SEE AN INCONSISTENCY. YOU SEE SOME PEOPLE ON THE LEFT WHO SAY, "WELL, IF YOU'RE FOR TREATMENT YOU SHOULD BE FOR LEGALIZATION OF MARIJUANA." HOW THE HECK DO THOSE TWO SQUARE? I DON'T THINK WE SHOULD LEGALIZE MARIJUANA BUT WHEN PEOPLE DO GET ADDICTED WE SHOULDN'T WAREHOUSE THEM IN PRISON IF THEY'RE NONVIOLENT. OVER AND OVER AGAIN AND EXPECT THEY'RE GOING TO COME OUT AND HAVE A DIFFERENT RESULT. WE NEED TO GIVE THEM THE TOOLS TO TREAT THEIR DISEASE AND THAT'S WHAT WE'RE DOING IN NEW JERSEY AND I'M GOING TO TALK ABOUT THAT ALL OVER THE COUNTRY THIS YEAR BECAUSE I BELIEVE THAT'S A WAY THAT'S CONSERVATIVE, AND CONSISTENT WITH PRO-LIFE PRINCIPLES. EVERY LIFE IS PRECIOUS. EVERY LIFE IS A GIFT FROM GOD. AND EVEN THOSE WHO ARE DRUG ADDICTED ARE A GIFT FROM GOD AND WE NEED TO GIVE THEM THE TOOLS TO HELP THEM FIX THEIR LIVES.

KERNEN: THEY'RE SAYING WE GOT TO GO -- YOU NEED TO KEEP RUNNING NEW JERSEY. ALL POLITICS ARE LOCAL.

GOVERNOR CHRISTIE: THAT'S WHERE I SPEND MOST OF MY TIME.

KERNEN: WITH FALLON, WAS THERE ANY TALK ABOUT DOING THE WATER SPRINKLER? DO YOU KNOW HOW TO DO THAT?

GOVERNOR CHRISTIE: NO, BECAUSE MRS. OBAMA HAD DONE THE SPRINKLER.

KERNEN: SHE HAD DONE THE WATER SPRINKLER – WHAT ABOUT THE SHOPPING CART?

GOVERNOR CHRISTIE: NO BECAUSE SHE HAD DONE ALL THOSE THINGS. I DID NOT WANT TO BE –

KERNEN: THOSE WERE ALL NEW.

GOVERNOR CHRISTIE: YEAH. WE WENT TO THE LAWNMOWER, WE WENT TO THE PUSHING THE GARBAGE CAN --

KERNEN: THEY WERE MORE MANLY DANCING.

GOVERNOR CHRISTIE: WELL, IT WAS A DAD DANCING THING. I HAD BEEN NAMED FATHER OF THE YEAR THE THURSDAY BEFORE FATHER'S DAY AND THEY WANTED ME TO COME AND DO DAD DANCING.

KERNEN: WE WEREN'T ALLOW TO RUN IT FOR SOME REASON -- "THE TONIGHT SHOW" AND I DON'T KNOW WHY WEREN'T BUT--

GOVERNOR CHRISTIE: LISTEN IT WAS A LOT OF FUN AND IT'S GOTTEN A DECENT AMOUNT OF ATTENTION.

KERNEN: I WATCHED IT AND I CAN'T UNSEE IT.

GOVERNOR CHRISTIE: I LOOK AT IT YESTERDAY. SO FAR, 6.2 MILLION HITS ON YOUTUBE.

KERNNE: I KNOW. THEY SENT IT TO ME AND I SAID THANKS, I THINK.

GOVERNOR CHRISTIE: MY SON WAS HERE TODAY, HE WAS IN THE AUDIENCE THAT NIGHT, AND I ASKED HIM WERE YOU SURPRISED? HE SAID I HAD TO AVERT HIS EYES A COUPLE OF TIMES.

KERNEN: ME TOO.

GOVERNOR CHRISTIE: AND HE TOLD ME THAT HE'S NOT SURPRISED IT GOT MILLIONS OF HITS ON YOUTUBE IF YOU'RE WILLING TO HUMILIATE YOURSELF ON NATIONAL TELEVISION FOR THREE AND A HALF MINUTES. YOU CAN GET A LOT OF YOUTUBE HITS.

KERNEN: RIGHT. ANDREW PUT ON A FULL BODY CONDOM. A FULL BODY UNITED STATES FLAG CONDOM.

GOVERNOR CHRISTIE: I SAW THAT.

KERNEN: THAT I CAN'T UNSEE.

SORKIN: AND YOU CAN'T UNSEE THAT EITHER.

GOVERNOR CHRISTIE: NO, WELL, LISTEN THAT'S PART OF NOW MY VISION OF YOU, ANDREW.

SORKIN: GOVERNOR, WE'RE IN THE SAME BOAT.

KERNEN: YOU NEED TO TALK TO OUR AUDIENCE YOU KNOW THAT SO YOU GOT TO COME BACK HERE. THIS IS –

GOVERNOR CHRISTIE: YUP. I'M HAPPY TO BE BACK. AND WE SAW EACH OTHER I TOLD YOU --

KERNEN: HOW MANY MORNING JOES ARE THERE? THERE'S ONLY ONE MY FRIEND. CAN WE AGREE ON THAT?

GOVERNOR CHRISTIE: CAN'T WE ALL JUST GET ALONG WHEN YOU GUYS ARE ON THE SAME --

KERNEN: HIS NAME IS CHUCK. THAT WAS TAKEN BY CHUCK SCARBOROUGH SO HE CHANGED IT TO MY NAME!

GOVERNOR CHRISTIE: CAN'T YOU GUYS JUST GET ALONG? I MEAN YOU'RE ALL UNDER THE SAME CORPORATE UMBRELLA.

QUICK: THERE YOU GO. WE ARE ON THE SAME TEAM.

KERNEN: IT'S JUST A SHTICK.

GOVERNOR CHRISTIE: YOU THINK?

KERNEN: ANYWAY.

QUICK: THANK YOU, GOVERNOR.

GOVERNOR CHRISTIE: I'M HAPPY TO BE HERE. THANK YOU GUYS.

KERNEN: QUICK PROGRAMMING NOTE. THE GOVERNOR'S GOING TO BE OUR KEYNOTE SPEAKER FOR DELIVERING ALPHA ON JULY 16th. WE WILL SEE YOU THERE.

GOVERNOR CHRISTIE: SEE. LOOK AT ALL THE LOVE I'M SHOWING TO CNBC.

KERNEN: WE'RE IN NEW JERSEY.

SORKIN: WE ARE LOVING THE LOVE. GOVERNOR THANK YOU.

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