'This Week' Transcript: Mayor Rahm Emanuel and Sen. Marco Rubio

ROMNEY: Don't you think that it's time for him to finally put together a vision of what he would do in the next four years if he were elected? I just think the American people had expected that the president of the United States would be able to describe what he's going to do in the next four years, but he can't.


STEPHANOPOULOS: He seems to be getting some traction with that argument, can you counter it? Lay out exactly what President Obama would do in a second term?

EMANUEL: Sure. George, first of all, I think it's pretty clear, I make two points here. One, after a decade of war, both in Afghanistan and Iraq, the most important thing we have to do now is come -- bring American troops home and battle for America's future economically and strength in America at home. That's the most important point to be made, and that battle means doing what has done both through President Clinton to President Obama, investing in the education and training of our workforce, investing in our roads and bridges to make sure we have a 21st century economy built on the 21st century foundation, not a 20th century foundation. It moves too slow. And then third, investing in our research and development so we can stay competitive with all the new products, all the new technology, and the fundamental research.

And then having certainty around our regulatory reform and making sure we have tax fairness where the middle class aren't taking the brunt of the tax system, but acting so the tax system helping them send their kids to college.

The most important thing right now for a second term is to do what has worked in the past -- investing in America. And if you go to the policies -- here's the thing, there's a contrast here and we already have the facts. Mitt Romney wants to basically to do George Bush's policies, and a little more of that. Barack Obama has built policies on the same premises that President Clinton had, investing in America and strengthening America's foundation,its people and its economic bedrock, research and development.

STEPHANOPOULOS: But that's what I want to get to. It sounds like you're saying that what you want is exactly more of what we had the last four years.

EMANUEL: No, it's exactly -- first of all, George, when the president walked into the Oval Office, we were losing on average 800,000 jobs a month. The economy was shrinking about 8 percent. That is what was handed off from the Bush economic policies. And since that time, steady progress.

An auto industry is saved. A banking system that was near-collapse, we're making now people get home loans, car loans, and student loans. And what you have now, rather than 800,000 loss, 150,000 on average created. Five million jobs in the private sector.

We're also doing major research and development, both in the medical area, science and technology. But we have to keep that edge. Because other parts of the world are starting to get competitive. We also have to invest in, as he said, in the basic infrastructure of this country to move our products, both roads, airports and bridges, if it runs on rails, run rails -- runways, or roads, we have to upgrade that. And that's how you move an economy forward.

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