'This Week' Transcript: Treasury Secretary Timothy Geithner

SENOR: Steve, this, to me, is a much more interesting debate than Tom and Dan. Because I think the president has done exactly what he's done in the past in this negotiating. He's not sitting it down grinding out with John Boehner, he's out giving speeches, rallying his base, getting Obama for America very organized, meeting with groups like MoveOn.org. How will he be able to walk back from the position he's taken? Will the base of your conference feel like he caved?

Well, they say the president just won this historic re-election, how can he walk back now after he won re-election from this position he's taken over the last week? Is he somewhat boxed in?

ELLISON: You know, I think he's got the wind at his back. The American people want him to stand up for these essential programs.

Now look American people do want to see cost containment, but we can do that in ways that doesn't result in cuts to beneficiary. I think that's...

STEPHANOPOULOS: So we've got two intraparty battles going on. We're going to have to take a break. But right now, we have lot more roundtable ahead. What's next for Susan Rice? More postmortems on vote 2012 as Mitt Romney's team takes on the critics and what really happened when the rivals had lunch.

(BEGIN VIDEO CLIP)

JAY LENO, TONIGHT SHOW: But men acted very graciously. In fact -- I thought this was nice -- after lunch, Mitt Romney extend a return invitation for the president to visit him and his money in the Cayman Islands.

JIMMY KIMMEL, LATE NIGHT WITH JIMMY KIMMEL: It's a nice gesture from the president, especially considering the fact that he hasn't let Joe Biden have lunch with him even once.

(COMMERCIAL BREAK)

STEPHANOPOULOS: As you heard, we have a lot more to talk about on this roundtable right after this from our ABC stations.

(COMMERCIAL BREAK)

STEPHANOPOULOS: Always a little awkward when the winners and losers get together after the election. We're going to talk about that Romney/Obama meeting coming up in just a little bit. But let me bring the roundtable back in. Cokie Roberts is here again. Dan Senor, former adviser to the Romney campaign, Steve Rattner, former adviser to President Obama and Congressman Tom Cole, Republican out of Oklahoma, Keith Ellison, Democrat of Minnesota.

I do want to get to that, but we have left a lot on the table in our earlier discussions.

I want to get to that, because it really seems like each party is going to have to confront giving up a sacrifices, something that's worked for them in the past -- Democrats on Medicare, Republicans on taxes.

And Keith, you were talking about where a lot of Democrats are going to draw the line on Medicare. And Steve, I know you wanted to answer him.

RATTNER: Look, all I wanted to say is that Democrats have to face up to two fundamental realities. One, that there's divided government as I said earlier. And so if we want to get something done, there's going to have to be compromise. And second the math has to work. We have to solve this problem. $16 trillion a debt, a $1 trillion of deficit every year. We're not doing seniors or people my age, or George's age any favors by leaving Medicare completely untouched, because it will not be there for us or our children at the rate we're going.

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