'This Week' Transcript: Stephanie Cutter and Eric Fehrnstrom

But this is -- this is ridiculous, that we are taking these tiny, tiny missteps which happen in any large organizations, including corporations, including Bain -- Bain Capital had losers, too, right, even from the point of view of its investors? So this is ridiculous.

And the fact of the matter is, this president has not managed to get very much of what he wanted done. He -- it's terribly unfair that he's being judged on the failure of the economy to respond to policies that had been largely dictated by a hostile Congress.

STEPHANOPOULOS: We have a couple minutes left before we have to take a break, and I just quickly want to go to you, George Will, because you're calling this recall election in Wisconsin, coming up on Tuesday, Governor Scott Walker, the Republican, facing a recall, the second most important election this year.

WILL: Yes, because it's a microcosm of what the country faces, an attempt to change the trajectory of the public sector. You have this extraordinary conflict there where unions are defending their privileged position. And it does look as though Wisconsin people are going to try and take that back.

The man running against Scott Walker, Mayor Barrett of Milwaukee, has used the Walker reforms to save $19 million in the Milwaukee budget itself, so he's running against a man whose reforms he's emulating and using.

KRUGMAN: And yet, of course, Walker is proposing tax cuts that will do much more to hurt the budget than any of these alleged savings. So this is -- it is a microcosm. It is -- it's not -- it's not fiscal responsibility versus irresponsibility. It is a vision of what kind of country you want to have and whether we're going to redistribute income upwards.

WILL: A more than $3 billion budget that he inherited -- deficit has now become a surplus.

STEPHANOPOULOS: Time to take a quick break right there. I want to thank Paul Krugman for joining us this morning. Everyone else is staying put, and Donna Brazile is standing by for much more on our powerhouse table.

(BEGIN VIDEO CLIP)

A. ROMNEY: It sounds like you all are fired up.

(END VIDEO CLIP)

STEPHANOPOULOS: The candidates' wives hit the trail this week. Is the women's vote starting to shift?

Foreign policy fight. Conservatives question Romney, but he fires back at Obama.

(BEGIN VIDEO CLIP)

(UNKNOWN): What grade would you give President Obama?

ROMNEY: Oh, an F. There's no question about that.

(UNKNOWN): Across the board?

ROMNEY: Across the board.

(END VIDEO CLIP)

STEPHANOPOULOS: And can't wait for George Will's take on the plan to ban Big Gulps.

(BEGIN VIDEO CLIP)

COLBERT: No more giant sodas? Come on. This is America, the land of plenty. We haven't even achieved Type III diabetes yet.

(LAUGHTER)

STEWART: Wow, Mayor Bloomberg, wow. I love this idea. It combines the draconian government overreach people love with the probable lack of results they expect. What are you doing?

(LAUGHTER)

(END VIDEO CLIP)

(COMMERCIAL BREAK)

(BEGIN VIDEO CLIP)

M. OBAMA: I'm going to be out there a lot. I'm going to be traveling around the country. I love campaigning. And I say this all the time. If every American had the opportunity to travel around the country and go into people's living rooms and talk, we'd understand that we have so much more in common.

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