'This Week' Transcript: David Plouffe and Lindsey Graham

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Now, the question would be, does that trigger also include revenues? Congressional sources saying no. Does it guarantee automatic spending cuts? Congressional sources saying yes. The White House saying they don't agree with that yet, which is why we're glad to have David Plouffe here, the senior adviser, who can maybe clear some of that up for us this morning.

AMANPOUR: Indeed. And joining us now, David Plouffe, the senior adviser to President Obama. So you've heard all that we've been talking about. Is there a deal?

PLOUFFE: No, there's not.

AMANPOUR: Is there a deal close, a framework? What can you tell us?

PLOUFFE: Well, I, unfortunately, can't negotiate here on your program.

AMANPOUR: No.

PLOUFFE: I think that what's clear is that pretty much both parties agree that there's going to be a first stage of deficit reduction, over a trillion dollars, that there is going to be a process, as George talked about, a congressional committee. And what that's going to work on is the items that the president was focused on with Speaker Boehner. You're not going to reduce the deficit without tax reform, without entitlement reform.

STEPHANOPOULOS: So that committee could include revenue increases, the committee, not the trigger?

PLOUFFE: The committee...

STEPHANOPOULOS: ... could consider revenue increases.

PLOUFFE: Any -- any long-term deficit reduction -- and I think the American people have spoken clearly about this, too -- if you're a middle-class family, if you're a senior citizen, you're furious that the answer to the deficit reduction by some here in Washington, mainly Republicans in the House, is to ask you to do everything. You're going to have to have closing of tax loopholes. You're going to have to have revenue produced to close the deficit.

There is -- without getting into details -- obviously, one of the things we've been focused on -- and this was part of the president's deficit reduction plan he outlined way back in the spring -- was an enforcement mechanism. So if this committee doesn't act -- and I would start by saying I think it's incumbent on leaders in both parties to appoint people to this committee who are focused on deficit reduction, who will be willing to get out of their party's comfort zone, so you can produce something that can get voted on.

But an enforcement mechanism, so that if the committee doesn't act, if it deadlocks, that there be some additional deficit reduction.

And that's obviously one of the areas that's under discussion.

AMANPOUR: So do you know think, as this is being worked on, do you think, after all this tension and stress between the parties, that there will be something that both parties can get all their members -- well, a majority to vote on?

PLOUFFE: Well, we still have some hard work to do. But it would be inconceivable that we don't. I think the American people -- you flashed the stock market decline this week. It's clear that it's hurting consumer confidence, business confidence. We have to remove this specter.

The debt ceiling has been raised dozens of times over the last couple decades. It has to be raised again. And, again, let's remember what we're talking about here. These are bills that Congress already put on the credit card. They're required to pay for them.

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