Transcript: Alan Greenspan

STEPHANOPOULOS: Around where the House was?

SCHUMER: It will go beyond what the House was. We think that, you know, eight -- you have 8.5 percent unemployment, that's pretty bad, and you ought to get some help.

STEPHANOPOULOS: Will Republicans support that?

SEN. JOHN CORNYN, R-TEXAS: I think so. I don't know where the 8.5 percent cut off comes from, because people are comprised at 8 percent or whatever it is. For example, in Texas, now about 8 percent. And they need some help, too. So I hope we can work on that.

STEPHANOPOULOS: (inaudible)

SEN. CHARLES E. SCHUMER, D-N.Y.: We'd be happy to work on that, too.

STEPHANOPOULOS: Well, it sounds like it's going to pass the Senate this week, so can (inaudible) that are more contentious.

CORNYN: I think if Texas was below 8.5, we need to have some (inaudible).

STEPHANOPOULOS: How about the broader issue, Senator Cornyn? Chairman Greenspan says no other stimulus, but the president said yesterday he's going to have his team look at more job creation measures. Good idea?

CORNYN: Well, I think the stimulus so far has been unsuccessful in achieving the goals the president set out for it. He said, with the stimulus, we'd seen 8 percent -- no higher than 8 percent unemployment. And we now see, with 60 percent of the stimulus unspent, that that has not been successful. We're going to see unemployment over 10 percent.

Forty-three cents out of every dollar spent in Washington today is borrowed. And the American people are justifiably concerned, even scared, that the spending and the debt that's being racked up. And unfortunately, the health care issue threatens to make matters worse, not -- not better.

STEPHANOPOULOS: So still in pat (ph) is your position?

CORNYN: Well, no. I think there are things we need to do to help people who need help, like unemployment benefits and the like. But I think throwing more money at the problem and racking up more and more debt for children and grandchildren is not the answer.

SCHUMER: Bottom line, we -- we have to deal with the pain of people's unemployment now, so prolong (ph) unemployment benefits. I'd be for extending COBRA benefits, so...

STEPHANOPOULOS: And health care?

SCHUMER: Health care, as well.

STEPHANOPOULOS: Are you for that?

CORNYN: I'm for health-care reform, which means that in part what we do is we don't -- you don't have to get it from your employer to establish parity, where people get affordable health coverage...

STEPHANOPOULOS: You haven't (ph) extended it to the very people who are unemployed to buy...

CORNYN: COBRA.

STEPHANOPOULOS: OK.

CORNYN: Sure, but COBRA's not really a great solution for a lot of people, because it costs so much money. So that's part of the overall problem about making it more affordable.

SCHUMER (?): That's true.

(CROSSTALK)

SCHUMER (?): ... a longer (inaudible), and then we can do a couple of things. I'd be for extending the housing tax credit, which has helped get the housing market out of the severe depression it was in. It's getting a little better, has to go more. But...

STEPHANOPOULOS: You're ahead on that, too. So we have a lot of agreement there.

CORNYN: Senator -- well, Chuck and I agree on a lot of things, but -- well, some things. Let me put it that...

(LAUGHTER)

(CROSSTALK)

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