'This Week' Transcript: S&P's John Chambers, Governor Martin O'Malley and Senator Jeff Sessions

O'MALLEY: And every single time -- and, Senator, you voted to increase the debt limit...

SESSIONS: And the debt already, according to expert testimony...

O'MALLEY: ... three or four times under George Bush.

SESSIONS: ... is pulling down growth and costing us jobs.

O'MALLEY: Oh, good, you said "jobs," Senator.

SESSIONS: The debt is 100 percent of GDP, is hammering our economy, and that's why we're not having the growth. That's why we're having the unexpected decline in growth that we've seen the first half of this year.

AMANPOUR: All right. You've both laid out the parameters that we've heard over and over again. I want to ask you, Senator Sessions, do you have faith that this debt committee will be able to come to the agreements and make the cuts and savings and also do what needs to be done to tackle the debt?

SESSIONS: Christiane, I do believe that committee can function and be successful in the limited goal we've given them. What S&P is saying, it's not enough. It's only about $2 trillion, a little over, when we're going to increase our debt in the next 10 years $13 trillion. So that's why they're concerned. Even the plan is insufficient, if -- if successful.

AMANPOUR: And, Governor O'Malley, do you have faith that the debt committee can actually tackle this?

O'MALLEY: I do, because when you look at -- when you ask the public if they believe a balanced approach is required, almost 50 percent of registered Republicans agree that a balanced approach is required.

Millionaires and billionaires should be playing their fair share. We all need to pull together and create jobs and to make this new economy ours. And I believe that we can come together around that. Look, it's not a Democratic or Republican idea. It's a historic economic fact that a modern economy requires modern investments to create jobs. And that's what we need to be about.

AMANPOUR: Governor O'Malley, Senator Sessions, thank you very much, indeed, for joining us.

And coming up, as Congress battles the debt and the president struggles with the jobs crisis, Texas Governor Rick Perry prays for them all. The could-be White House candidate ministered to thousands of Christians at a Houston religious rally yesterday. The roundtable tackles jobs, Jesus, and politics next.

AMANPOUR: This week, the headline said it all. Stocks nose dive. Grim week. Debt bomb. And on the cover of Time magazine, George Washington with a black eye. Now, all eyes are on Wall Street, waiting for the market's response to Friday's credit rating shocker.

Here with me to sort it out, ABC's George Will, Steve Rattner, former counselor to the treasury secretary and President Obama's one-time car czar, Cokie Roberts, and Republican Congressman Jason Chaffetz of Utah. And from Chicago, we're joined by financial adviser Mellody Hobson, president of Ariel Investments.

Thank you all for being here. George, let me ask you first: How bad is this downgrade? How much will it affect basic economy here?

WILL: Not very, and not much, is my estimate.


WILL: You called this a shocker. If Standard...

AMANPOUR: Me and the rest of the world.

WILL: Standard & Poor's would have forfeited its good reputation if it had a good reputation to forfeit these days, it having missed the entire mortgage-backed securities problem right under its nose.

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