"It's such a good story; these people," said Streisand, who noted that while she understands Redford's urge to avoid sequels, "this happens to be a great story."
Streisand told Morgan she had hoped to release a sequel on the film's 21st anniversary. Her idea for the film would have centered on Katie and Hubbell's daughter Rachel's political activism at UC Berkeley and the Democratic National Convention in 1968.
"Why have you been so consistent in support of Obama?" Morgan asked Streisand, a longtime supporter of the Democratic Party.
"I can't even imagine thinking about what would happen to the Supreme Court if a Republican were the president," said Streisand.
When Morgan asked Streisand if she had ever been in love with a Republican, she said "never," and that it wasn't likely to happen "unless there was an enormous sexual chemistry" and the would-be couple never discussed politics.
Streisand noted that for her, President Obama's proudest moments have been his support of gay rights and his stance for women.