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

BOEHNER: George, there's no law against stupidity, no law against stupid trades. And as long as depositors' money wasn't at risk and as long as there's no risk of a taxpayer bailout, they should be held accountable by the market and their shareholders. And they are. I don't believe there's anything in Dodd-Frank that would've prevented this activity at JPMorgan.

STEPHANOPOULOS: And you're still for repeal?

BOEHNER: There are big problems with this law, and it needs -- it needs some big changes.

STEPHANOPOULOS: You said a couple weeks ago and got a lot of attention that there was perhaps a one in three chance that Republicans lose control of the House. I know that means there's a two-thirds chance that they hold it, in your view, but what do you think could happen between now and November that would cause Republicans to lose the House?

BOEHNER: Well, George, I feel pretty good about where we are today. But you know, my job as the leader is to make sure that, if everything falls apart, that we still have the tools that we need to hold on to our majority in the House. We've got 89 freshmen members running for re-election in most cases. They've got a lot of tough elections out there. But, again, if the election were held today...

STEPHANOPOULOS: But we see...

BOEHNER: I feel good about it.

STEPHANOPOULOS: We see incumbents falling all over. What do you say about the prospect -- and then some people think this is quite possible, that President Obama loses because of this wave and House Republicans get swept out, as well?

BOEHNER: Well, I don't believe that's going to happen. As a matter of fact, I think most of our members are doing very well. But again, you never know what's going to happen over the next six months. My job is to make sure our team is prepared.

STEPHANOPOULOS: And you're confident that if Republicans hold the House, you'll come back as speaker?

BOEHNER: I am.

STEPHANOPOULOS: Mr. Speaker, thanks very much.

BOEHNER: Nice to see you.

(END VIDEOTAPE)

STEPHANOPOULOS: The speaker sure did appear confident, but his demand that a debt ceiling increase be matched dollar for dollar by spending cuts has hit a brick wall with Democrats. That was especially clear after I walked across the Capitol for a conversation with their leader in the House, Nancy Pelosi.

(BEGIN VIDEOTAPE)

PELOSI: My response to what the speaker said is here we go again. Last year, just the threat of not lifting the debt ceiling caused us to -- our credit rating to be lowered. This is not a responsible, mature, sensible place for us to go. We all know we have to reduce the deficit. We have to do it in a balanced way.

The speaker wants to go over the edge. We have cut over a trillion dollars in the Budget Control Act -- since the Budget Control Act of last year. There has to be more reductions, but we have to have revenue and we have to have growth.

STEPHANOPOULOS: But what about his idea that you should start working on it right now and not waiting until the election?

PELOSI: Oh, absolutely. I challenge the speaker right now to bring the middle-income tax cuts to the floor. That would give a...

STEPHANOPOULOS: That's going to increase the deficit, isn't it?

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