VIDEO: Sen. Jim DeMint Discusses Fiscal Cliff on CBS THIS MORNING

Sen. Jim DeMint (R-SC) discussed the fiscal cliff and leaving the Senate for the Heritage Foundation in an interview with co-hosts Charlie Rose and Gayle King that was broadcast live today, Dec. 13, 2012, on CBS THIS MORNING on the CBS Television Network (7:00 AM – 9:00 AM). Watch the interview in its entirety below!

Below is a transcript of the interview:

ROSE: Senator, what do you think is going to happen?

DeMINT: I wish I knew. Most of us here are not in the loop of what they're discussing. But I do know this – this government doesn't need more money, this country needs less government. To take more money out of the real economy and to give it to politicians and bureaucrats, no matter who you take it from, is not going to help the middle class or anyone else. The President's proposal clearly is not a plan, it's not a solution. It will fund the government for a few days. And we all realize it's a political trophy. It's not a solution. But the President's been campaigning against these tax rates for a long time, and he'll probably eventually get his tax increases one way or another.

ROSE: So if he will get them, why not get them now and compromise and avoid going off the fiscal cliff?

DeMINT: Well, we should have done it before the election. We should not have gone home until the problem was solved and people could see how we had actually handled it here so they would know how to vote come election. I've been a businessman most of my life and I know the damage from this uncertainty that's already been done. You combine that with the implementation of Obamacare and those taxes; I think you're already going to see a downturn in the economy. We can't fix it Christmas Eve and expect it all to bounce back in January.

KING: Senator, you talked about the damage that has been done. You released a statement last week saying this is not rocket science. With that in mind, why can't we come to terms? You know, the public is viewing the Republican Party very negatively. Are you concerned about that?

DeMINT: Well, I'm not so much concerned about the parties. I think both parties have failed our country. And I know what the American public has been told. The President campaigned on raising taxes and getting rid of the Bush-era tax cuts. He's going to get his wish. I believe we're going to be raising taxes not just on the top earners. Everyone's going pay more taxes next year in this country, and I think that's what the President wants. But we've doubled the size of this government in double-spending over the last 10 years, this year tax revenues at current tax rates will probably be at historic highs. And if you look at the facts, we don't need more revenue. We just need to stop the spending. The President is not going to stop spending. He's proposed more spending.

VIDEO: Sen. Jim DeMint Discusses Fiscal Cliff on CBS THIS MORNING