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

ROBERTS: This -- this -- this group of people in New York is actually talking about more government, rather than less government, Congressman. In fact, the reason they like France and Great Britain is because they're parliamentary systems, where they do -- the majority just gets what it wants, no matter what. And -- and the problem that we have here is the Constitution of the United States of America, which actually does require people to come together from different perspectives, rather -- whether it's divided government or not. We have divided branches of government under any circumstances.

AMANPOUR: I want to bring in Mellody again in Chicago. And I want to put up some poll numbers, because I want to ask you about -- about jobs. Look, right now, it looks like the Congress is at historic lows in terms of approval. There are something like 82 percent of people who disapprove, 14 percent who approve.

What are people saying, not just about a downgrade in the debt ceiling crisis, but about what affects them, jobs? Do they have faith that this Congress, this presidency can deal with the very real issue of jobs?

HOBSON: So, first of all, I have to say, I don't think the average person is thinking about the U.S. downgrade. I want to be very specific about that. I think the average person is thinking about their own bank account, their own wallet. And for that reason, the average person is thinking about jobs. If they have a job, they want to make sure it's safe. If they don't have a job, they desperately want one.

So to me, jobs is job one, both for the administration, as well as both parties. And if that isn't front and center -- and I actually do believe that it is -- you know, nothing else matters. Sovereign issues don't matter. What's going on in Europe, Middle East, what have you, everything is local, as that old saying goes. And in this case, it's local in terms of their own pocketbook.

RATTNER: Can I just say one thing about this? Look, we all agree jobs is very, very important, at least as important, more important. But the thing that bothers me -- and I'm in favor of fiscal restraint, I'm in favor of dealing with the budget, not in favor of a balanced budget amendment -- we can debate that separately -- but what Senator Sessions said and what some of the other folks who are on the other side of this say, that cutting the budget deficit, reducing spending is going to create jobs is just fundamentally wrong. It's the right fiscal policy; it's not the right jobs policy.

AMANPOUR: Can we talk about, perhaps, an engine? Because obviously we've talked about the politics of all of this, including the politics of jobs. But what about the structural issues? I mean, how does one really kick-start an economy and actually get people out onto the payrolls again? The FCC, for instance, is doing some big sort of on-shoring, in terms of call centers. That's one idea, 100,000 new call center jobs they proposed. One of the president's jobs council members is talking about getting a lot more engineers, you know, educated and into the American economy.

ROBERTS: That will take many years.

AMANPOUR: OK, so where do we go?

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