Transcript: Alan Greenspan

My colleagues, to get -- we are going to come together on a public option. It will have some modifications. Senators like Tom Carper, one of the leaders of the moderate group, had made some proposals. Others are...

STEPHANOPOULOS: Allowing the states to create their own (ph).

(CROSSTALK)

SCHUMER: There are lots of different alternatives. But...

CORNYN: George...

SCHUMER: ... we need a public option simply for this reason. There is no competition in the insurance industry now -- or very little. In 94 percent of the markets, a public option will bring costs down by providing competition...

(CROSSTALK)

CORNYN: The public options is basically a pathway to a single-payer system...

SCHUMER: No, it isn't.

CORNYN: ... because the Congressional Budget Office points out that people will not be able to buy insurance commercially because the government will undercut that. And many people who now have what they like will not be able to get it. This is the elevation of ideology over trying to find a practical solution to problems, which we agree with.

STEPHANOPOULOS: See that debate on the floor. Gentlemen, thank you both very much. The "Roundtable" is next with George Will, Cokie Roberts, Matthew Dowd, and Katrina Vanden Heuvel. And later, the "Sunday Funnies."

(COMMERCIAL BREAK)

(BEGIN VIDEO CLIP)

JACQUES ROGGE, PRESIDENT, INTERNATIONAL OLYMPIC COMMITTEE: The city of Chicago, having obtained the least number of votes, will not participate in the next round. TONY HARRIS, CNN ANCHOR: Madrid is still in. Tokyo is still in. Chicago is out? JUAN WILLIAMS, FOX NEWS CONTRIBUTOR: Let me just quickly ask you, Karl, is this a humiliation for the president?

KARL ROVE, FOX NEWS ANALYST: Absolutely. And he got exactly what he deserved by personalizing this. RUSH LIMBAUGH, RADIO TALK SHOW HOST: The worst day of Obama's presidency, folks. The eagle has landed.

BARACK OBAMA, PRESIDENT OF THE UNITED STATES: One of the things that I think is most valuable about sports is that you can play a great game and still not win. (END VIDEO CLIP)

STEPHANOPOULOS: Did the White House play a great game? The president came home empty handed, of course. Let's talk about it on the roundtable. We're going to bring in, as always, George Will, Matthew Dowd, Katrina Vanden Heuvel of "The Nation" and Cokie Roberts. And George, I guess this is the question. I mean, you saw some overheated criticism, perhaps, there of the president. But a real question, was it the right thing to do to put the prestige of the White House on the line? The White House says, "Hey, you never go wrong fighting for your country." GEORGE WILL, ABC NEWS CONTRIBUTOR: Well, they were fighting for a city, and a city divided about whether or not this will be a good thing to have the Olympics there. What's alarming is whether it indicates a belief on the part of the president, which is that there's no problem that will not melt before the sunshine of his charm. And this is evidence again that it's not so.

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