'This Week' Transcript: Mayor Rahm Emanuel and Sen. Kelly Ayotte

EMANUEL: And you -- and you -- and, George -- and let's go to two very points. Your very same polls know that President Obama would fight for the middle class and Mitt Romney would not.

And, second, the most critical decision -- one of the most critical decisions made in the last three years about the economy, the industrial manufacturing base of the country, President Obama went one way, to help keep American jobs and to keep them here, the auto industry, saving 1.2 million manufacturing jobs. Mitt Romney let them go bankrupt. Why? That's how he's dealt with companies. He actually gave you his opinion of what he would do to a critical industry.

Our auto industry today is thriving, creating jobs here, and not only in the auto industry, in the supplier industry. And the reason was because the president of the United States would not throw the towel in on the industry...

STEPHANOPOULOS: You've also made -- you've also made the point that...

EMANUEL: ... and Mitt Romney...

STEPHANOPOULOS: ... Mitt Romney is going to be an outsourcer of jobs.

EMANUEL: And that's a critical economic decision.

STEPHANOPOULOS: I get it. You've made that point. You've also said he's going to be an outsourcer of jobs, but what Romney says in return is the president hasn't done enough to stop outsourcing of jobs from going overseas. And even Democrats have criticized part of the stimulus programs that ended up funding foreign companies. Take a look.

(BEGIN VIDEO CLIP)

SCHUMER: Since this program began, 79 percent of the $2.1 billion in stimulus grants awarded through it went to overseas companies.

BROWN: Can you imagine the Chinese Communist Party passing a stimulus package and importing -- importing goods from the United States?

(END VIDEO CLIP)

STEPHANOPOULOS: Outsourcing has also increased over the last three years. Doesn't it undercut the president's argument that Mitt Romney would be the outsourcer-in-chief?

EMANUEL: No, I mean, here's the thing. The fact is, the stimulus -- I actually opened up a facility here in Chicago. A health care facility was built with stimulus dollars and it now is a health care facility on the west side of the city in North Lawndale, and it's a health care facility in a poor area, and it created jobs. And I could tell...

STEPHANOPOULOS: But some of the funds did go overseas, as those Democrats pointed out.

EMANUEL: ... we could go -- you know, George, and here -- when we started, America's battery industry, the new batteries, it was only 2 percent of world production. Today, we're close to 40 percent, directly out of the stimulus bill. And those jobs are here in the United States.

Second is, here's the core issue. We just came out of a decade that was a lost decade for the middle class. And in the next four years, you're going -- we're going to have to decide a set of policies and either make sure the middle class have a chance to raise their kids with middle-class economics, middle-class values, save for their college educations, save for their retirement, pay for health care, and own a home.

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