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

And, George, the most astounding thing that happened this week is the president's statement that the biggest mistake that he made in his first four years was not telling his story well enough. He doesn't understand that it's his policies that are causing problems and why we aren't turning this economy around. And this story's not going to get any better with four more years.

I mean, look at the stimulus that Mayor Emanuel cited. I mean, this -- the president's team represented that we'd be under 6 percent unemployment now, with $787 billion of government spending, and we're over 8 percent unemployment with dismal job reports.

STEPHANOPOULOS: But it's more difficult, as you -- I think you would concede for Mitt Romney to make that case, as long as he's forced to be answering questions about Bain and his tax returns. And those Republicans clearly worry he's going to continue to face the questions if he doesn't release the returns. You're not?

AYOTTE: I -- I think that the difficult thing is for the president to answer to his economic record with the failed stimulus, higher health care costs. And look where we are. He represented that he was going to cut the deficit in half in his first four years. We have trillion-dollar deficits as far as the eye can see. He's added $5 trillion to the debt. And we've had no budget. And look it, right now, one of the things that's most disturbing is our military is going to be decimated in January because of across-the-board cuts, and he's not doing anything about it.

STEPHANOPOULOS: Yet at the same time -- and I have to -- I have to go back to -- clearly, you're saying on the tax returns you don't think it's going to hurt, but he's also facing real questions on Bain Capital.

I want to show the SEC filing that the Obama campaign continues to refer to, back in 1999. It says Mr. W. Mitt Romney is the sole shareholder, sole director, chief executive officer, and president of Bain Capital, and thus is the controlling person of Bain Capital. That's May 2, 2000. We also know from other forms that he attended board meetings of at least one company funded by Bain in that 1999 to 2002 period, that he received at least $100,000 for two separate years as an executive of Bain.

By a commonsense standard, isn't it hard to argue, as Romney has said, that he had no active involvement with the company in the face of documents like that?

AYOTTE: George, by a commonsense standard, we all know that in 1999 he was working 16 hours a day to turn the Olympics around, which he did a great job with. So he's addressed it. He wasn't running Bain Capital then. He was working to turn our Olympics around. It's the leadership that he showed at the Olympics and also as a strong governor. That's what he's going to bring to the White House to turn our economy around.

STEPHANOPOULOS: But how do you explain away that document?

AYOTTE: As opposed to this president who's just -- you know, this has been addressed. Bain Capital has said he wasn't in charge then. And not only that, but we know he had to be working 16 hours a day on the Olympics. We saw what he did with those Olympics. And so he couldn't be doing both at the same time, George.

STEPHANOPOULOS: But then why does he have a document saying he was chief executive officer and president of Bain Capital?

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