'This Week' Transcript: Obama Senior Adviser Dan Pfeiffer; Two Powerhouse Roundtables

PFEIFFER: Well, we have had good conversations with them. We had a good dinner a few weeks ago. The White House has been in contact with a lot of those folks, a lot of the Senate Republicans that we had dinner with, and so there's an opening there. Is it going to be easy? Absolutely not. But there's a possibility. But it's going to require both sides to compromise, and both sides being willing to accept the...

STEPHANOPOULOS: What are the odds there's a deal this year?

PFEIFFER: Well look, based on my bracket, I don't think I should be in the predictions business. But there's a -- there's a good chance both sides are willing to compromise. If the Republicans, particularly in the House, take a my way, or the highway approach, then we're not going to get a deal. Simple as that.

STEPHANOPOULOS: But you're also going to have a lot of resistance from the Democrats and independents, including Bernie Sanders. He was taking a lot of exceptions, says he's going to block any bill that includes these changes in Social Security that the president is calling for. Here's his Tweet, he says "Two-thirds of seniors rely on Social Security for more than half their income", and it -- and we are seeing this problem with the long term unemployed.

Particularly those who are near retirement. They're going to be facing a real squeeze in the next several years, and this will be an additional significant cut, won't it?

PFEIFFER: Well, a couple of things. One, Senator Sanders is a passionate advocate, and has been a big supporter of the president. This president will -- this -- this chained CPI that's being referred to here, is something the president will only accept on two conditions. It's something Speaker Boehner and -- and Senator McConnell asked for in the context of the original negotiations, and those two conditions are, one, It's part of a balanced package that includes asking -- closing tax loopholes to benefit the wealthiest, and, two, that it has protections for the most -- for the most vulnerable, including the oldest seniors.

STEPHANOPOULOS: So there will be some carve outs there?

PFEIFFER: Absolutely. And look, this is compromise. And compromise means there are going to be some folks on both sides who are not happy.

STEPHANOPOULOS: This could also be a decisive week on gun legislation. It's already clear the ban on assault weapons isn't going to get through the Senate. Most likely the ban on large magazine clips is in trouble, as well. You've been struggling to come up with a compromise on background checks. It seems like the president's friend, Senator Tom Coburn, is no longer part of the compromise. Is that true?

PFEIFFER: Well, no. We're -- the White House is still talking to Senate Republicans, including Senator Coburn, and Senate Democrats. And I know that -- that folks are still talking. But let's talk about -- well...

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