Transcript: Sens. Jim Webb, D-Va., and Jon Kyl, R-Ariz.

CARVILLE: I don't have a problem. He's the former vice president. He wants to go out. He can speak all that he wants to, just like Rush Limbaugh can speaks all that he wants to. There is a debate in the Republican Party. I think it is a good debate. And the vice president, Rush Limbaugh -- Rush Limbaugh says we ought to kick John McCain and Meghan McCain out of the party, good riddance to Specter. I'm sure it's going to be -- Monday, it's going to be good riddance to Huntsman.

I think it is healthy for the country for the vice president to be out there. I'm all for this. I don't have an objection to it at all.

STEPHANOPOULOS: George, has that brought a smile to your face?

(CROSSTALK)

(LAUGHTER)

WILL: Yes, I'll be you are all...

(LAUGHTER)

WILL: It's campaigning 101 to define your opponent. And your side thinks it is advantageous to define the opposition party as Dick Cheney. Pro-Cheney, anti-Cheney, doesn't matter because a rising generation of new Republicans are coming along and by the time we get into another election they're going to be the story.

STEPHANOPOULOS: Yet, one new -- one member of that rising generation, Jon Huntsman, has decided he is going to join Obama's team.

WILL: Sent to China. And that may be a tribute from the Obama administration to the political potential in Mr. Huntsman. I don't know. He also speaks Mandarin Chinese. He would be a good ambassador.

CHENEY: I would like to say something about the next generation of Republicans. Look, it seems to me that, you know, our opponents like to spend a lot of time talking about who is up and who is down.

The future of the Republican Party is going to be built based on substance. And a key part of that substance is a strong national defense. And what you see all across the country today, frankly, are the rise of conservative groups, people who say, I'm not Republican, I'm not Democratic, but I'm conservative.

And they've got a set of core beliefs, strong national defense, belief in the Second Amendment, individual liberties, low taxes, limited government, those are the things that this party has long stood for and that made America great.

The national security piece of it is one in which the vice president has, in fact, been very effective in the debate over the course of the last two weeks, not just in influencing public opinion but, frankly, in influencing the Obama White House.

So I think, you know, it's great for me to sort of hear James and Katrina talk about, you know, where they think the party is going. In fact, I think that the Republican Party has got to stay true to those core principles. And when it does, I think we'll be back to winning elections again.

VANDEN HEUVEL: You know, I certainly respect your father's right to go out and speak to the nation. I think those who disagreed with that have a kind of royalist mentality, that the vice president should disappear. I think two of the great speakers of our time have been Vice President Gore and ex-President Jimmy Carter.

However, what he's doing, it seems to me, is a kind of political suicide mission for the Republican Party with the Republican Party as his collateral damage. You talk about an evolving generation. That generation will find it harder, in my view, if the party is so allied with a failed and disastrous Bush-Cheney administration.

(CROSSTALK)

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