'This Week' Transcript: Tim Pawlenty and Michele Bachmann

WILL: Extraordinary. It's without recent precedent and full of political portend for the president. The Fed said, for two years, we're going to continue the policy of essentially zero interest rates. That tells you that the Fed believes there's no recovery in our future. Now, last summer was recovery summer. The recovery actually began two Junes ago, in June 2009, and people still don't feel there's a recovery here. And the Fed is essentially saying, get used to it.

TAPPER: Amy, what -- what can the president do? I mean, you hear him talking about patent reform, trade deals.

WALTER: Right. Right.

TAPPER: What can he really do, with the Republicans controlling Congress and such a political force right now, momentum for cutting the budget?

WALTER: Right. Well, what can he do actually and what he can do politically, those are going to two different stories. So what can he do legislatively? The one thing we know he can't do, as you said, there are roadblocks along the way. And he's got to get out of -- and I think Republicans do, too -- the thought that we can just do this on a tax-versus-spending debate. That debate has been had; it's done. In order for the president to move to that next level, if he's going to be able to change this dynamic at all, turn this economy around for 2012, it has to be something new and bold than gets beyond the same old talking point that we've been mired in, in these last few weeks.

DOWD: Yeah, part of that -- I think part of -- part of the problem the president had and his administration has had if they keep approaching this like it's a marketing or a communications problem. To me, it's like a restaurant where nobody wants the food and they've changed the colors on the menu and they think that's going to solve the problem. He has to actually -- I think he has to take some accountability. He can't keep pointing the fingers and saying, "It's this person's problem, it's this person's problem. They did this, and they did this. And, oh, boy, I'm presiding over a horrible economy, and I'm doing my best."

He has to actually -- like Ronald Reagan -- he has to actually -- the only thing he has left in his tool belt is to re-instill some confidence of the American people and businesses to actually invest and move forward. He has not re-instilled any confidence in this economy.

INGRAHAM: We learned in the L.A. Times yesterday that the president no longer gets a daily briefing on the economy. I had to read it two or three times. This must be a satire. Someone's written this. The president is not getting a daily briefing on the economy? What does that -- message does that send to the markets? I think what -- Matthew's right. There is not a sense that this president is actively engaged on the most serious problem facing our country now, which is, we're on the brink of economic stagnation as far as the eye can see.

He needs to look engaged. He has to be able to come out and say, you know, I said it a couple of months ago, and I'm going to say it again: The buck stops here. I'm bringing in a new economic team. Thanks, Tim Geithner, but we are retooling our shop, and we are going to be coming out with a series of ideas that are going to surprise people. They're not ideological. They're about creating jobs in this country. It has to be bold. And I would agree. We have to change the momentum right now. He seems like the absentee president.

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