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

RATTNER: ... wait a minute, let me finish -- and spending cuts that would have achieved this $4 trillion grand bargain and would have perhaps averted this downgrade or certainly put us on a better path for fiscal responsibility. But you do have one group of people who are saying no tax increases, never, no how, when, in fact, the tax -- tax decreases under President Bush partly got us in this problem. If you take today's $1.5 trillion -- if you take today's $1.5 trillion deficit, a trillion of it is from excess spending, $400 billion of it is from the Bush tax cuts.

ROBERTS: The Standard & Poor's report -- which, again, I would like to disassociate myself from -- but it does say that one of the reasons that they think that the fiscal house will not be in order is because they think the Bush tax cuts will stay in forever and that they think that the intransigence of Republicans on this line is one of the reasons that they have downgraded the credit rating.

CHAFFETZ: But we have all...

WILL: All the people -- all the people comparing the Tea Party to suicide bombers, one of whom is Steve here...

AMANPOUR: I don't think you said that, did he?

WILL: Yes.


ROBERTS: Well, terrorists are suicide bombers.

WILL: I can read you the transcript from the morning show.


RATTNER: Well, I was there. I was there.

WILL: I understand, but I was watching.

AMANPOUR: Anyway...

WILL: Anyway, what you -- you do know that 95 House Democrats voted against raising the debt ceiling as compared to only 66 House Republicans. You do know that 26 Democratic senators voted against raising the debt ceiling.

AMANPOUR: What does this mean, then, for cutting the big things like entitlements and dealing with that kind of stuff? I mean, both sides have to deal on their sacred cows.

CHAFFETZ: That is -- that is the point. Both sides have to be willing to come to the table and do things they don't want to do for there to be a compromise. That's what happens in divided government. And what didn't happen before was that willingness.

AMANPOUR: But you and the Tea Party don't like compromise, right?

CHAFFETZ: We have actually done a lot of compromising. Remember, it was the Tea Party that really spurred -- I was the primary sponsor of "cut, cap and balance."


AMANPOUR: So there are principle compromises that you can see going forward?

CHAFFETZ: Oh, absolutely. In our Republican budget...


AMANPOUR: Did you think the debt committee will have any...

RATTNER: Wait a minute. "Cut, cap and balance" was not a compromise.

CHAFFETZ: Yes, it was. It was a raising of the debt ceiling by $2.4 trillion. And what -- what -- what is wrong in this country is that we aren't willing to have the discussion about a balanced budget amendment. What we said -- what we said with "cut, cap and balance" is that we want to actually send this to the states, a balanced budget amendment. We sent it over to Harry Reid, they tabled it. They didn't even have the discussion. And that's fundamentally wrong.

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