This is a rush transcript from "Hannity," August 31, 2011. This copy may not be in its final form and may be updated.

SEAN HANNITY, HOST: There are breaking developments out of D.C. tonight. Moments ago we learned that the White House and the Speaker of the House John Boehner have now come to agreement. That is that President Barack Obama has caved to the speaker's request and will now deliver his jobs speech to a joint session of Congress on Thursday, not interrupting the Republican debate Wednesday at the Reagan Library.

Joining me now with more on this is the author of the New York Times best seller out today in paperback, "Crimes Against Liberty, An Indictment of The Anointed One" -- I'm sorry of the president -- David Limbaugh. You know I'm kidding you.

DAVID LIMBAUGH, "CRIMES AGAINST LIBERTY": Sean, good to see you.

HANNITY: Good to see you. But first of all, what do you make of this news? Do you think the president, as we were talking earlier, I think he did it purposely.

LIMBAUGH: I think it's unquestionable that he did it. It was grandstanding and it was a display of arrogance. The idea that he would have this on the night of the Republican debate, you can't tell me that his handlers didn't know about that. If they didn't, they are monumentally incompetent.

HANNITY: Yes, but it seems like -- I think they strategized. They didn't think step two, three and four and which is now he's backed down he looks weak.

LIMBAUGH: Listen, all these fights that we've had from the budget ceiling debates and on. The Tea Party is on everybody's -- following everybody and watchdogging and so the GOP is not letting him get away with anything and they shouldn't.They should call the line on this. This is about the presidency of the United States. This debate is serious. All Obama's speech is about is propaganda and policy. It is not about announcing an economic plan. It is about getting him up in the polls.

HANNITY: When you were here a year ago and you don't come back often enough, it is hard to get you here. But when you were here a year ago and launched this book, which became a massive best seller, you have now updated it. We talked about his crimes, the indictment against Obama, "Crimes Against Liberty." Have things gotten worse?

LIMBAUGH: I think they have continued and accelerated. I mean, he's defying the Constitution and the rule of law, acting outside his constitutional authority. Look what he did with immigration unilaterally. Look what he did with Libya, forget the results. Although the results are debatable anyway because we don't really know how the rebels --

HANNITY: We don't support the War Powers Act, but it is law of the land.

LIMBAUGH: Yes, but even so, he should have consulted with Congress, he just thumbed his nose at Congress, even as a matter of respect no president has ever done what he did. The Democrats were all over Bush when he got a joint resolution on Iraq.

So Obama thumbed his nose and had EPA doing end runs around Congress. He's not respecting his constitutional authority, but that's just the beginning. His real problem is spending. He's addicted to an ideology that is destined to destroy the country and bankrupt us. And he won't come away from it. He is incapable ideologically of coming off of it. Therefore, any speech he presents will be more of the same just like his 54 plus Obamacare speeches. This is how many now, 10 speeches on the economy.

HANNITY: What is it about him because you studied every speech, you studied all about his background. We talked a lot about it here, but yours is like the encyclopedia version and why is it, what have you learned about him that he shows this inability to change?

For example, I was talking to a friend of mine, won't mention who, who won the Australian Open. He's talking about you got to make adjustments in your game all the time, tweaking, adjusting, shifting, changing and getting better. This president just doubles down on stupid.

LIMBAUGH: Well, liberals are unable to learn. They were unable to learn through FDR's failed policies. They exacerbated the depression. Yet, the historians revised history. The economic textbooks in college they all preached Keynesian economics.

And so, they continue to believe it. You know, Obama presents this trillion dollar stimulus package almost. It not only didn't work, it has exacerbated the problem. I use that word advisedly again. It has caused unemployment to stay above nine percent throughout and now he's going for another stimulus.

HANNITY: This is it. Infrastructure, which means more spending. And even something as simple as letting the tax on gasoline expire, which I think would make a lot of Americans happy, because Americans are struggling. He doesn't seem to have the intuition that even a Bill Clinton had. Why?

LIMBAUGH: Well, because he's fixated on his ideology. It scares me because he's the one guy standing in the way to the only reforms that can save the nation. We are at that turning point. We've talked about it before. We talked about it with Clinton, but now it is really true. We are approaching a point if we don't reverse this debt -- last year alone, our unfunded liabilities grew $10 trillion. Now a cut is defined as a decrease in the rate of outrageous spending increases.

HANNITY: Discretionary spending has gone up --

LIMBAUGH: It is surreal. We have to have entitlement reform and yet, Obama's answer to any these of proposals is demagoguing. You are going to mess with the seniors' Medicare. We have to mess with the Medicare not the seniors, but we have to have a plan like Ryans.

HANNITY: What do you make of this rhetoric that we just played in the last segment? In other words, the, you know, Republicans, Tea Party members want African-Americans hung up.

LIMBAUGH: Because that's all they have. All the Democrats have is to demonize the Republicans and conservatives. They have no positive affirmative agenda. Nothing they subscribe to works. They cannot reduce spending.

If we don't reduce spending and have entitlement reform, the country fails. It's a catastrophic collapse and yet, they are still talking about spending more money. By the way, you couldn't justify it if it did stimulate the economy.

It manifestly does not and they're still going to do. It is double bad. It not only depresses economic growth. It also exacerbates the debt. Exacerbate three times, it's been a while since I've been on TV. So here we go.

This guy needs to get his boot off the throat of the private sector. How is that for his terminology?

HANNITY: "Crimes Against Liberty," David Limbaugh, now on paperback --

LIMBAUGH: Is that out now that paperback version? I didn't know.

HANNITY: And you added additional chapter.

LIMBAUGH: Yes, I did. Who wrote that?

HANNITY: You did. All right, just checking.

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