'This Week' Transcript: Sen. Pat Toomey, Colin Powell

AMANPOUR: I just wanted to ask you, you know, the ranking Republican on the supercommittee, Jeb Hensarling, said he really worries for the country and wonders how long this country has to actually put itself back on a sustainable place? Do you think anything is going to happen before the 2012 elections in this regard?

TOOMEY: I certainly hope so. I'm, look, I am terribly disappointed. I think our country would have benefited enormously from a constructive agreement by this committee. Of course, the silver lining is the $1.2 trillion in deficit reduction, which was the goal of the legislation that created our committee, will still go into effect. I think it's important that some configuration of those cuts in fact happen. The full amount, just configured differently.

And I do think that we Republicans put a very, very reasonable plan on the table, a proposal that I think would broader support. So I hope that we'll be able to advance at least parts of it, if not as a package, then sub-components. And I'm hopeful that we'll make some progress there.

AMANPOUR: You said you -- those automatic cuts will go into effect. But the president has said that he doesn't want -- he'll veto any attempt to tinker with those. Do you think that any tinkering will go on? Do you think he'll be able to veto that and it will be able to be stopped?

TOOMEY: I thought that his comments were a little bit more ambiguous than that. I thought he was suggesting that he would veto any attempt to eliminate portions of it. I don't recall him having a categorical veto threat on any change in the configuration. His own defense secretary, Leon Panetta, said that if the defense cuts go through as contemplated under existing law, it would hollow out our nation's defense. I think there's a broad consensus that too much of the cuts are weighted on our defense's capabilities and would really, really cut in deeply into our ability to defend this nation. And so, I think it's important that we change the configuration. I would be surprised if the president would simply veto every effort to make any changes.

AMANPOUR: And you also said that you think something can be done before the next elections. Beyond this, these automatic cuts, what do you think? I mean, is there any possibility of more compromise as the president has called for?

TOOMEY: You know, I think so. And I say that because I spoke with a number of Democratic senators who were not serving on the supercommittee, who thought that the plan that we put forward was very constructive, was reasonable. Sen. Durbin didn't agree with the plan that I put on the table, that we Republicans put on the table, but he did suggest that it was a breakthrough. So I think there's a chance to work with some of the more moderate members of the Democratic caucus, who want to make progress, who realize how important this is.

So I'm cautiously optimistic. You know, in the very end, when we were unable to persuade our Democratic colleagues of virtually anything, we put on the table $644 billion of really noncontroversial spending cuts and revenue sources, things like user fees and asset sales. And even that package they rejected because it didn't have a huge tax increase on individual Americans. I don't think that view is shared by all of the Democratic senators. And so, I want to work with those who are more open-minded and really looking for a constructive opportunity to make a change.

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