FULL 'This Week' Transcript for Nov.29, 2009

KRUGMAN: The Times had a front-page story about the debt bomb. And it had a chart which was meant to be very scary, and it showed that on current projections, by 2019, the share of the economy that is spent on debt service will be up to the levels not seen since the first George Bush was president.

SENOR: The Republicans in Congress are not going to evaluate this based on it's just a jobs stimulus. Even if it were to be proposed as (inaudible), they're going to say, look, we spent $160 billion on AIG, we spent $400 billion on saving the GACs (ph), Freddie and Fannie. We spent $3 trillion in Treasury and Fed support and guarantees, on top of that the stimulus. I mean, at some point, the notion...

KRUGMAN: Republicans are going to vote against anything.

SENOR: But I think you're going to see even a lot of Democrats, too. I mean, these numbers are going to become astonishing.


ROBERTS: The fact that we had Ron Paul's amendment pass in the House of Representatives in committee this week tells you that there's a huge upset in both parties with the financial institutions, with the Fed, with everything that's going on economically.


DOWD: Politically in the end, politically in the end, the deficit doesn't matter, if the economy is growing and jobs are being created. It matters when the economy is bad. So if the deficit continues to grow and the economy stays bad, Republicans and the American public can say, we've messed up. The government isn't doing what it should (ph). Look at the deficit. Look at this. This is the problem. So if the economy started to grow and we had a deficit, then I think politically, he's fine with that.


KRUGMAN: Important political fact, which is that whatever you would do with the deficit, the public won't notice. In 1996, a majority of Republicans thought that the deficit had increased under Clinton, even though we had in fact...

ROBERTS: Balanced the budget.

KRUGMAN: ... been on an incredible run. So no, I mean, the deficit doesn't matter. The economy matters. And that's why somehow or other, Obama has got to get jobs being created.

STEPHANOPOULOS: And meanwhile, he is also going to be dealing with health care, right now on the floor of the Senate. He announced this week to Copenhagen to deal with climate change. And it comes at a time when the politics seem to be changing a little bit in this.

Let me show our latest ABC News/Washington Post poll. It shows whether people believe global warming is occurring. That number is going down. July 2008, 80 percent of the public; down to 72 percent now. And there's been a sort of a real partisanship. Look at Republicans, 74 percent believed global warming was occurring back in 2008. Now, a 20-point drop to 54 percent.

George, there has been a partinizing of this issue, and let me turn to one more complication we've had over the last week. This Climate Research Institute at East Anglia University, someone hacked into their e-mail account and showed a bunch of emails between scientists, which opponents of climate change legislation said proves that they are rigging the science and trying to hide information that runs counter to their theories.

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