Transcript: Sens. Durbin and Kyl

ROBERTS: You know, Joe -- Joe Biden, of course, was just speaking vicious truths, which he's want to do, which is that they did misread the economy, and...

STEPHANOPOULOS: He says everybody did.

ROBERTS: Well, but it is also true that a lot of people have been saying all along that unemployment would get to 10 percent. And all of a sudden, this 9.5 percent number has everyone saying, oh, my goodness, this is terrible; we've got to do something else. And there is no sense of, sort of, waiting and seeing what happens with this stimulus package that has been done.

DONALDSON: You know, we could be penny-wise and pound-foolish and say, well, we're not out of it yet, so let's not spend any more money. And that would be disastrous.

The mistake of the big Great Depression was not that Roosevelt did all these things but he didn't do enough. I think we're going to need a second stimulus.

I'm sorry that Rahm Emanuel, on your program a while back...


DONALDSON: OK -- sort of, tried to close the door to it, and they said that it wouldn't be over 8 percent, 9 percent unemployment.

I think we'll need a second stimulus. I think, if we don't spend, we're not going to get out.

STEPHANOPOULOS: The problem is, Bob Woodward, that -- there are a couple problems. Even if it's economically necessary; even if you need to prime the pump a little bit more, it's politically impossible, right now, and you're running up against record-high deficits?

WILL: And George has got a point. I mean, what does the stimulus really do? It doesn't change the economic fundamentals. And that's what Obama is going to have to do.

Look, the -- millions of people have lost their jobs. At some point, they have to have the expectation they're going to get those jobs back.

STEPHANOPOULOS: But wouldn't it have been worse for a lot of those people if they didn't have these stimulus funds that...


WOODWARD: It may be, but I don't think you -- if you really get the economists, here, on sodium pentothal, truth serum...


I don't know that you could do that, but if you did, they would say, you can't tinker around the margins, and that's what a stimulus is. You have to address fundamentals.

ROBERTS: And the president claims that that's what he's going to do this week.


Some of the other programs are addressing the fundamentals, but, you know, this is a big issue out there with people, particularly those who are feeling the pain and those who have lost their jobs.

DONALDSON: But the last stimulus spent a lot of money but didn't target it on creating jobs. You're quite right. There are -- some of these great programs that we all would like are not really helping. The next stimulus must target jobs. And we must get the assets off -- the toxic assets off the books.

WOODWARD: Or people who are losing their houses. I mean, this is a big...

STEPHANOPOULOS: And that program has...


WOODWARD: There's a lot of pain out there. Yes.

BRAZILE: But the economic guru, Warren Buffett, said that the second stimulus was like taking Viagra with a bunch of candy.

STEPHANOPOULOS: The first one was.


BRAZILE: Well, but anyone who knows anything about Viagra understands that it takes some time for it to work itself in the bloodstream and work its magic.


DONALDSON: I have no comment on that, but does candy work?


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