PELOSI: That's incidental. What's important is that the Democrats win and that, again, we have proper airing. What I would like to see in this election is a recognition that we must reduce the role of money in campaigns. So we want to win, move on to public financing of campaigns, overturn the Supreme Court decision on Citizens United, and -- and, again, when we reduce the role of money in campaigns and increase the civility, we'll elect more women to Congress.
STEPHANOPOULOS: Madam Leader, thanks very much for your time this morning.
PELOSI: Thank you.
STEPHANOPOULOS: Let's get right to the roundtable now. I am joined, as always, by George Will, Donna Brazile, Matthew Dowd, Laura Ingraham, talk show host, Fox News, also your paperback, "Of Thee I Zing," is not out -- "Of Thee I Zing." I want to make sure I get that right. Also, California Lieutenant Governor Gavin Newsom, also now hosts a show on Current TV called Gavin Newsom.
NEWSOM: They'll let anyone do a show, George.
STEPHANOPOULOS: I guess so. Let's talk about this fiscal cliff that I just talked about with the speaker and the leader. One thing they both said, George, is that both sides want to address this before the election. That's about the only thing certain not to happen.
WILL: Exactly, which means they'll have about seven weeks to prevent $8 trillion, I guess over a decade, of tax increases and spending cuts from hitting a fragile economy. So everyone realizes it's serious. Now, in discussing this, the word "debacle" is mandatory, because everyone says we don't want to go through the debacle we had last August with the increase of the debt ceiling, to which I say, what debacle? Of course it was untidy. That's what democracy looks like...
STEPHANOPOULOS: America's credit rating was downgraded.
WILL: And what happened? Liquidity from all over the world flooded in to our downgraded Treasuries. Made no difference what ever. And we sailed right on. What the president wanted at that time was what he called a clean extension of the debt ceiling increase, which meant no restraint on spending, no super-committee, nothing.
STEPHANOPOULOS: But does this uncertainty, Gavin Newsom -- are you seeing any of the fallout yet in California as businesses cut back, start to plan for chaos, if you can?
NEWSOM: Well, yeah, I mean -- I love these guys. They're always concerned about uncertainty. And here's the ultimate manifestation of uncertainty, talking about going right back in to a debate that's going to sideline every other legitimate debate for the next few months.
At the same time, though, how could anyone be surprised? I guess, George, to your point, they don't feel it was a debacle. From my perspective, it was a debacle. It was a sideshow and not only cost our bond rating, but a lot of confidence. But it also cost the president. And I think there's pure politics in this. His ratings dropped significantly during that debate, Congress generally speaking. And I think it was very telling to watch Speaker Boehner talk about those 89 frogs. He's looking over his shoulder, particularly after what happened...
STEPHANOPOULOS: But you're also saying out loud what a lot of Democrats have been thinking -- let me bring this Laura Ingraham -- that this is kind of a deliberate strategy to hurt President Obama before the election.