'This Week' Transcript: Stephanie Cutter and Eric Fehrnstrom

Look, we need to restraint growth in government spending. If we -- if we're concerned about what's happening in Europe, if -- if we're concerned about Greece, if we're concerned about Spain, then we ought to rein in our spending now and get our debt and deficit down, or else we'll head down the same -- the same path as Europe.

CUTTER: George, can I just say something here? There's -- you know, that -- that all sounds great, but the governor has not put out any details on how he is going to achieve that. The details that he has put out, a $5 trillion tax cut for millionaires and billionaires that he's not just telling us how he's going to pay for it, so he's either blowing up the deficit or he's raising taxes on the middle class...

(CROSSTALK)

CUTTER: ... he's going to deregulate Wall Street, which we know how that turns out. We're going to go back to risky financial deals that crashed our economy. And on China, you know, we've been hearing this blustering on China for quite a while now. What exactly is the governor going to do? There's...

(CROSSTALK)

STEPHANOPOULOS: ... I want to bring in George Will.

FEHRNSTROM: He'll do what this president has failed to do in China, which is to declare that China is a currency manipulator. Look, we're all in favor of free trade. In fact, we don't think this president has done enough to reinvigorate trade talks -- trade talks with our friends, but China is -- is robbing us blind. They're stealing...

(CROSSTALK)

KRUGMAN: I was very much for that. I've been demanding that we declare -- but the window for that has passed. Right now, the Chinese economy is tanking. So if you were thinking you were going to get a big boost out of beating up on the Chinese now, two years ago I thought was really a good time to do that. But my god, now that is totally out of date.

(CROSSTALK)

CUTTER: And how do you explain the governor's comments that -- when the president did take action, enforcement action against the Chinese when they were dumping tires in this economy, that the governor called that protectionism?

FEHRNSTROM: Well, the governor has -- has -- has promised that he would confront China in ways that this administration has not. He can -- the president has the power right now through his Treasury Department -- he doesn't need Congress to act -- to declare China a currency manipulator. They are playing fast and loose, giving themselves an unfair advantage, and that's hurting American jobs.

STEPHANOPOULOS: George Will?

WILL: The president has had a lot of discretion and used it vigorously with -- not just with Solyndra that Mr. Romney went out to dramatize this week, but this week the Wall Street Journal had a long article on $1,260,000,000 invested in car batteries for electric cars. Now, there's a big supply of the batteries; there's a small supply of the cars. Complete mismatch and lots of money lost.

On another matter, I didn't hear a robust answer to George's question. Where does the governor stand, Governor Romney, on the Ryan plan? Does he endorse it?

FEHRNSTROM: Oh, he's for -- he's for -- he's for the Ryan plan. He believes it goes in the right direction. The governor has also put forward a plan to reduce spending by $500 billion by the year 2016. In fact, he's put details on the table about how exactly he would achieve that. So to say he doesn't have a plan to -- a plan to restrain government spending is just not true.

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