'This Week' Transcript: House Speaker John Boehner and House Democratic Leader Nancy Pelosi

STEPHANOPOULOS: Let me throw out a proposition to you, though, George, that -- and here it is, that what happens, though, in Greece, as they're dealing with all their debt problems, is going to matter more in this election than any single event during the campaign.

WILL: It might in two ways. First, the optics from Greece, the riots, the carrying-on, the fact that they have an election, and it's something like 16 percent of the new parliament are fascists or communists, the general sense of a model that we're in danger of emulating is breaking under the weight of entitlements -- and the entitlement mentality.

But beyond that, if it gets to Spain, which is a big country -- I mean, Greece has already defaulted, and anything that it happens -- happens there has already been discounted by the markets. But if it gets to Spain, then it could actually affect our economy. And none of the events that you can see could happen down the road can help the president.

STEPHANOPOULOS: And Barack Obama could be in the position John McCain was four years ago, after the financial crisis hit, nothing he can do.

INGRAHAM: Nothing he can do, and you've heard both Paul Ryan and Romney reference Greece frequently in the last just two weeks, and we're going down the Greek road, you know, Greek ruins could become American ruins. Again, the weight of the entitlement structure, we're not -- they didn't want to deal with it for years and years and years, and now they find themselves in a position where they have to deal with it, yet everyone's so used to getting this stuff, free stuff or stuff's that's -- that they're used to, they don't want to have any of it diminished. And that's the problem.


DOWD: I think when you're in a race that's basically dead-even, and this presidential race is going to stay that way until November, it's like -- on very thin edge, and there's 5 percent or 6 percent of the independent voters are trying to look for a signal of what they should do. They like President Obama. They think he's a good man. They think he has a good family, but they don't like where the country is today. And so any little thing that says, here's what you need to do, if something goes bad in Europe in the middle of the summer, it's one of those things that could happen (inaudible) 5 percent of the country saying, now I know what to do, and that's the problem for President Obama.

BRAZILE: Our largest trading partner -- and so we have a concern about what's going on in Europe. Europe is our largest trading partner. Exports will be impacted. Job creation and the country will be impacted.

Look, the austerity programs and many of these economies, people are tired of it. They're tired of the social contract being broken between the middle class and their countries. It's not just entitlements. They're seeing their way of life change. So this is a huge conversation that we're going to have.

DOWD: But it's not a good sign for incumbents. If you look around the world and look at incumbents...


STEPHANOPOULOS: Every incumbent is...


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