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CNBC TRANSCRIPT: CONSERVATIVE PUNDIT ANN COULTER AND REP. CHARLES RANGEL ON CNBC'S "THE KUDLOW REPORT" TONIGHT

WHEN: TONIGHT, WEDNESDAY, JUNE 8TH AT 7PM ET

WHERE: "THE KUDLOW REPORT"

Following is the unofficial transcript of a CNBC interview with conservative pundit Ann Coulter and Rep. Charles Rangel tonight on CNBC's "The Kudlow Report" at 7PM ET. All references must be sourced to CNBC. Following are links to the video: http://video.cnbc.com/gallery/?video=3000026581 and http://video.cnbc.com/gallery/?video=3000026580.

KUDLOW: President Obama came into office with promises of change we could believe in, but despite all his promises, have we really seen the change America expected or wanted? President Obama has some big problems. Take a look at this partial list: high unemployment, high gasoline prices, massive spending and deficits, and rising health care premiums. So 2012 election likely to be decided by the economy, would President Obama deserve to win again? Could he win again?

Joining us now for an exclusive Kudlow matchup, we have New York Democratic Congressman Charlie Rangel, a great friend, and Ann Coulter, another great friend is still with us.

Charlie, it is great to see you. But you have to tell me, with high unemployment, gasoline prices and insurance premiums and deficits, how's your man ever going to be re-elected, Charlie?

Representative CHARLES RANGEL: I think it's so unfair, Larry, for you to bring in Ann and just knock me out of the water. I must be a real threat to you for you to have to do this. But in answer to your question, there is no question in my mind that if the election was held tomorrow or very soon, that the president would win overwhelmingly. Your next question was, would he deserve to? And I would say, no, because the Republican has not put up any candidate that is not an embarrassment to the entire system. So I do hope that the quality of candidates improve; and even though the economy is bad and it runs against Obama, I think the direction in which he's taken us, if you, take in consideration where--what he inherited, I think that he's--the economy is moving in the right direction.

KUDLOW: All right, Charlie, because I value your friendship, I just want you to know, I'm going to be completely neutral in this, completely neutral.

Ann Coulter, you heard Congressman Rangel. What's your response? I guess he's saying the Republicans don't have a candidate. I think that's one of his points.

Ms. COULTER: You know, I should have known that if anyone can talk his way out of this economy it would be Charlie Rangel. All that matters is the one we put up to actually run. It's not like the Democrats haven't had a lot of joke can--and I don't think we have joke candidates, but all that matters is the one we finally put up to run. And, wow, with Obama hitting the Carter trifecta on the economy, I am now expanding my reach on whom I think could beat Obama. I used to say if we don't run Chris Christie, we're not going to win. Now I--for Romney could definitely beat him, and I said that a few months ago, not waiting for the polls to come out. I think at this point Donald Trump could beat him.

KUDLOW: Charlie, in some of the polls--some of the polls, President Obama runs even with any Republican candidate, sort of an unnamed candidate X. And, Charlie, I want to ask you about, does Mr. Obama deserve to be re-elected? Economy and the jobs look terrible. The economy is sputtering, unemployment is high, gasoline prices are high. How do you react to that? How are the Democrats going to deal with that?

Rep. RANGEL: I'm telling you, it's a great difficulty, but I don't see how you can--if you say that Donald Trump would be the type of candidate that the Republicans would feel comfortable in supporting, I really think that's embarrassing to our system. I'm not trying to talk my way out of anything. You can't beat something with nobody. And if you're going to make up, Ann, candidates as to wondering and staying awake at night who can beat President Obama, that's a different discussion. So--and--but I'll take this and I'll discuss it with you because, thank God, I don't have to discuss your book, because...

Ms. COULTER: Oh, you're going to love it, Charlie.

Rep. RANGEL: I can imagine.

Ms. COULTER: You know, and by the way, just to clarify, I did not say that the Republicans--that the candidate that really stands for our party is Donald Trump. I said the economy is so bad even Donald Trump can beat him. I mean, you know, an example of that is he's losing even the young people. I point out in my book that because Democrats are the party of the mob, they are--their base are all the most easily alarmed, naive, easily fooled voters. It's like illegal immigrants who don't speak English, soccer moms...

Rep. RANGEL: Oh, my God.

Ms. COULTER: ...and young people. It's great that he's putting the whole Medicare bill on young people. It's fantastic to have a base that is absolutely not paying attention to politics and is just voting for Obama because he's cool. But, gosh, they're all out of work now. And according to a poll yesterday--well, admittedly, his support among college kids has fallen from like 98 percent to, you know, 88 percent, but it's falling.

Rep. RANGEL: Come on, Ann, you're really--you're really debating yourself. Please send me a copy of your book...

Ms. COULTER: Oh, I will.

Rep. RANGEL: ...because the way you started off it sounded as though the Democrats were the revolutionaries and the Republicans were King George. But really, if you want to get back to who we support, you probably are right. Because when it gets to what our country is all about, it's about our middle class. It's really about jobs, jobs, jobs, access to education, and whether or not a country has the moral responsibility to take care of our aged, who's dedicated their lives to make our country so strong. We as Democrats are proud of it. I think if you take a look as to what happened in the open seat, where unfortunately the entire campaign was under question of Democrats protecting Medicare. It shouldn't be a one issue campaign. But I just can't see whether you're proud of anything that's in the Ryan budget and what it does to America. It doesn't do it to Democrats. It does it to Democrats and Republicans, the whole lot.

Ms. COULTER: Just two quick points. That district, the 26th or whatever it was.

Rep. RANGEL: Yes, the 26th.

Ms. COULTER: That has been totally misportrayed in the media. The Republicans ran a pro-choice Republican in one of the most pro-life districts in the entire country and yet it's all coming down to Medicare.

Rep. RANGEL: I don't know...

Ms. COULTER: And, look, the way you Democrats talk about Medicare and Social Security--I love you Charlie--but it is--it is classic example of group think. Look, it's going bankrupt. The designers of Medicare and Social Security knew that it was a Ponzi scheme and it was going to go bankrupt. Now you have to pay the piper, and Republicans are at least trying to come up with some system and not just wait for it all to go away. But Democrats don't care. As long as Democrats can keep being elected by showing, you know, commercials of Congressman Paul Ryan pushing the old lady out in the wheelchair off the cliff, they'll keep winning elections and it just goes bankrupt.

Rep. RANGEL: Ann, you really...

Ms. COULTER: This is the total mob mentality.

Rep. RANGEL: You really...

KUDLOW: Left 20 seconds, Charlie. You get the last word.

Rep. RANGEL: You're really moving close, Ann, of insulting the American people and say that they've been conned by commercials and that they have no understanding of what Medicare is. I think you're wrong.

Ms. COULTER: Only the Democratic base.

KUDLOW: All right. I get to get out.

Ms. COULTER: I'm trying to educate them.

KUDLOW: I'm out of time.

Rep. RANGEL: We count--we count the bottom line.

KUDLOW: Charlie Rangel, thank you very much. Ann Coulter. I was completely dispassionate. I am Larry Kudlow. Thanks for watching. We'll see you tomorrow night.

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