'This Week' Transcript: Economic Roundtable

SCHMIDT: But my point is, you could change -- you could change the way we...

(CROSSTALK)

FRANK: I'm saying we're doing it.

(CROSSTALK)

SCHMIDT: ... change the way...

FRANK: Did I not agree with you?

SCHMIDT: Yes.

(LAUGHTER)

FRANK: We're doing it.

SCHMIDT: Chairman, the fact of the matter is, that if the government simply told everybody what you all were doing...

(CROSSTALK)

SCHMIDT: ... and then people could track it and figure out whether it's actually working...

(CROSSTALK)

FRANK: But we are going to do that.

SCHMIDT: ... we could get through these classic fights that you all have.

STEPHANOPOULOS: As you know...

FRANK: Well, no, I differ -- differ with you on that. Please. Let's not obviate democracy. There are legitimate different philosophical differences between Jim DeMint and myself. Please don't treat them as some sideshow.

STEPHANOPOULOS: And we will hear -- we will hear more about the...

FRANK: They're important to democracy.

STEPHANOPOULOS: We're going to hear more about them this week. We only just have a few seconds left. I just want to ask you quickly. We learned this week that President Obama's nominee for the Department of Health and Human Services, Senator Tom Daschle, has had to pay about $128,000 in back taxes. Is that disqualifying to you?

DEMINT: It may be. I -- I want to find out more about it.

But it's disheartening, obviously. I mean, people are struggling to pay taxes on a very small amount of income. And when he's got this huge amount of -- you know, I can see now why liberals don't mind if the tax rate goes up, because they're not going to pay it anyway.

And so, yes, it frustrates me. It did with our Treasury nominee. But we need to look at it. And I would just -- I wish they would just say, "Hey, our tax code is just incomprehensible. We need to change it."

STEPHANOPOULOS: You got that last plug in. Gentlemen, thank you all very much. It was a great discussion.

END

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