'This Week' Transcript: Senate Majority Leader Harry Reid

REID: It's more than that, George. But -- but let's -- let's assume, because the debt ceiling doesn't kick in until August, I believe that's what we'll have, but let's add these together. Let's say you're right, it's $30 billion. But let's -- jobs overseas, we can dial that however we want, because it's a huge loss of revenue. Corporate jets, there are all kind of things that are low-hanging fruit that we...

STEPHANOPOULOS: But you've heard the Republicans across the board here. They're saying they're done with revenues for 2013.

REID: George, the American people are on our side. The American people don't believe in these austere things. We believe that the rich should contribute. We believe we should fill those tax loopholes, get rid of them, I should say. And that's where we need to go.

STEPHANOPOULOS: But that's the debate that's been had, as you know, for the last several months, the last couple of years. It doesn't appear that that's going to get solved in the next month, so the sequester is going to hit.

REID: George, that's what they said two days, three days a week away from the fiscal cliff, "No revenue." Well, we got about $700 billion in revenue. There's still more that we can do.

STEPHANOPOULOS: So are you saying that for -- to lift the sequester, first of all, it's going to have to include some new revenue, whatever you agree to?

REID: Without -- without any question. And there are some efforts being made to only get rid of the sequester as it relates to defense. I repeat: $2.6 trillion already, all coming from non-defense. If we're going to have a sequester, defense is going to have to do their share.

STEPHANOPOULOS: So your position on lifting the sequester, on avoiding a government shutdown, and on extending the debt limit beyond August is any one of those deals must include new revenues?

REID: And, yes, the answer is definitely yes. And I've got a pretty good fan base for that: the American people, Republicans, Democrats and independents.

STEPHANOPOULOS: Hey, what do you say to the Republicans who say that you're part of the problem here? John Boehner, clearly you had words with him during the fiscal cliff negotiations. You called him a dictator; he said something I cannot repeat to you. And Senator McConnell, in the end of the fiscal cliff negotiations, seemed to go around you so he could work with Vice President Biden. Is there a breakdown here between you and the Republican leaders in Congress?

REID: Joe Biden came here and spoke to us this week, had a good visit. I introduced him by saying, you know, sometimes there needs to be a good cop and bad cop, and I had a good time for a while being the bad cop. So it worked out well. We -- Joe Biden did not talk to Mitch McConnell until he talked to me. It worked out great.

STEPHANOPOULOS: Are you still the bad cop?

REID: No, I'm a good cop now. But I -- I have a good relationship with Mitch McConnell. I really admire -- I think Boehner's -- has the best he can. He's had a tremendous burden. I mean, he's had those Tea Party folks, but even they recognize that they don't have the clout that they thought they had, and that's why we were able to get the debt ceiling extended.

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