This is a RUSH transcript from "The O'Reilly Factor," November 21, 2011. This copy may not be in its final form and may be updated.

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BILL O'REILLY, HOST: In the "Campaign 2012" segment tonight: As you may know, former Utah Governor Jon Huntsman not doing very well in the polls as he seeks the Republican nomination for president. But Mr. Huntsman not giving up.

(BEGIN VIDEO CLIP)

SETH MYERS, CAST MEMBER, "SATURDAY NIGHT LIVE": You know, I'd like to start with something you never get to hear at the debates. Governor Huntsman, the first question is for you. Isn't it true that nationally you're currently polling in the low single digits?

JON HUNTSMAN, GOP PRESIDENTIAL CANDIDATE: It is true, Seth. But only a few months ago, I was polling at margin of error. So to have any digit at all is a pretty big deal.

(END VIDEO CLIP)

O'REILLY: All right. Since the governor is being a good sport about things, we decided to feature him tonight on "The Factor."

(BEGIN VIDEOTAPE)

O'REILLY: So, governor, you are basically running behind a little bit, right?

HUNTSMAN: A little bit. For now.

O'REILLY: A little bit, but you're still competing.

HUNTSMAN: Of course we are.

O'REILLY: And one of the ways you're competing is going after Mitt Romney. In some polls he is the frontrunner. And I want to show the folks one of your latest ads. Go.

(BEGIN VIDEO CLIP)

GRAPHIC: It has been 91 weeks since Mitt Romney has appeared on a Sunday show. One month since he has held a press conference. How long will Mitt run from the tough questions?

CHRIS WALLACE, HOST, "FOX NEWS SUNDAY": He has not appeared on this program or any Sunday talk show since March of 2010. We invited Governor Romney again this week, but his campaign says he is still not ready.

(END VIDEO CLIP)

O'REILLY: OK, for the record, Romney has been on this program a few times, and this is a pretty tough venue. What do you want to get across there? Why take that kind of an ad?

ROMNEY: Getting elected president means you get out and talk to the American people. It means you don't shy away from interviews. It means you get out there at a time when there is limited trust on the part of the American people toward institutions of power and politicians.

O'REILLY: So what does that say to you that Mitt Romney won't do a Sunday show or hasn't held a lot of press conferences? What does it say to you?

HUNTSMAN: Well, it says to me that you're afraid to get out there and be questioned on -- on your positions.

O'REILLY: But he's not afraid of me, and I, you know, come in pretty tough on every one of you guys.

HUNTSMAN: Well, there are other shows out there that I'm sure want to have him on there.

O'REILLY: Well, maybe he has just very good taste and wants to come on this program.

HUNTSMAN: No doubt.

O'REILLY: All right. So say that folks buy the commercial that Mitt Romney is being very cautious, and I don't think that's -- that's not true. I think he is being cautious. He feels that he's in a very good position right now. He lets everybody else go up and down and blow each other up. So say they buy what you say. Should they just dump Mitt Romney then and not even consider him?

HUNTSMAN: Well, this isn't about ads like that that we're putting on. This is about jobs. I mean, let's get right to the bottom line. This election is not about personalities. This is about issues.

O'REILLY: But I think Romney and you and Gingrich and Bachmann and all of you guys are the same on jobs. I think you're pretty much the same on jobs.

HUNTSMAN: Come on, that isn't the case at all.

O'REILLY: You don't think so? You want smaller government, correct?

HUNTSMAN: Listen, look at my record.

O'REILLY: But do you want smaller government?