'This Week' Transcript: Senate Majority Leader Harry Reid

REID: George, with what took place in Aurora, Colorado, where that man walked in and murdered lots of people, what happened in Newtown -- Newtown...


REID: Yeah, I always mess up that a little bit -- to see those little babies on the ground, one little girl, 5 years old, shot more than 10 times, of course that's -- that breaks your heart, and I'm willing to take a look at it.

STEPHANOPOULOS: You've been supported by the NRA in the past. You support the Second Amendment, as you said, but one of your colleagues, Senator Bill Nelson, has said that they've become extremists, that they're more representing gun manufacturers than the majority of gun owners. Do you agree with that?

REID: George, I've been supported by the NRA on occasion. I know Wayne LaPierre. He's always been extremely pleasant to me. We have a good relationship. So I -- I am not here to demean the organization.

STEPHANOPOULOS: But they are resisting almost everything you've talked about and we've talked about here, everything the president has called for.

REID: George, just because they resist it doesn't mean we can't do things. I mean, we have a lot of special interest groups that come and complain about things, and we don't listen to them. We'll listen to them and make the right decision.

STEPHANOPOULOS: But will you commit to getting something done?

REID: Yes, I definitely want to do something with immigration for sure, and I want to get something done on guns.

STEPHANOPOULOS: Then we've got the big issues...

REID: And, George, but let's not limit this conversation only to guns. There are other issues, very important in this issue, mental health. I mean, gee whiz, we've got to do something on that. That's certainly the truth.

STEPHANOPOULOS: Let's talk about another huge issue this year, the sequester, across-the-board budget cuts supposed to hit on March 1st. You talk to leading Republicans in the House like Paul Ryan, leading Republicans in the Senate like Tom Coburn, they say the sequester is going to hit. Are they right?

REID: The American people need to understand that it's not as if we've done nothing for the debt. $2.6 trillion, $2.6 trillion already we've made in cuts. And all those cuts have come from non-defense programs. We need to keep our eye on the prize and continue doing something about spending, but I think that what we need to do is do some of the things that Mitt Romney talked about. He said there's some low-hanging fruit; there are a lot of tax loopholes that should be closed. I agree with him. We haven't done that.

STEPHANOPOULOS: Like which ones?

REID: Well, oil subsidies. We -- we have issues dealing with shipping jobs overseas. Why don't we do some -- fill some of these...

STEPHANOPOULOS: I think, if my numbers are correct, if you do the oil and gas subsidy, I think that might save you something like $25 billion over 10 years.

REID: Oh, no.

STEPHANOPOULOS: It's going to extend the sequester by a couple months.

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