Transcript: Gen. Casey, Steele vs Kaine

GEORGE WILL, ABC POLITICAL CONSULTANT: Three digits is a lot more than two when unemployment is concerned. Adding those who are either discouraged and left the job market, or are underemployed, you're at about 17.5 percent. Given the fact that you have to create 100,000 new jobs a month, in this economy, just to stay even with population growth, you can see the kind of whole we're in.

And as this is happening, small business, and others, who do the hiring and job creation, look around and they see card check, coming that would make it easier to unionize. They see a 12 percent increased in domestic spending planned for 2010. And they see the raft of regulations and the costs and taxes in the health care bill and they get discouraged.

SAM DONALDSON, ABC NEWS CONTRIBUTOR: Yes, but they saw all that in Reagan's day. His popularity went down to 37 percent, at one point. But guess what, we came out of that recession. Thanks to Paul Volcker, wringing out inflation the old-fashioned way, by jacking up interest race at the Fed. And it was morning in America again.

So, I say to people, anyone who thinks that Barack Obama isn't kind of odds on, for re-election, must not think we're going to come out of this recession. Because of assuming we do, and I think, we are going to by 2012, it will be morning in America again.

(CROSSTALK)

COKIE ROBERTS, ABC NEWS: I think that's right.

STEPHANOPOULOS: How long will it take though?

ROBERTS: I think that's right, though.

(CROSSTALK)

ROBERTS: I mean, when you look at the -- since you did that nice Reagan analogy, 1982 was a terrible year for Republicans. They lost 26 seats in the House, and 4 in the Senate. Everybody was saying, ah, see, the Reagan landslide really wasn't what it looked like, and all of that. 1984, a very different story. And what we really had in 1980, with that Reagan election, was a realignment that lasted for a generation.

And I basically think that despite what happened on Tuesday, and what I think is likely to happen in 2010, I think we probably did see a realignment in 2008.

STEPHANOPOULOS: And what we saw, also, on Tuesday night, Frank, is really a primal scream, from the voters on the economy.

(LAUGHTER)

And 85, 90 percent of the voters worried about the economy. Almost half of that, very worried.

FRANK LUNTZ, REPUBLICAN POLLSTER: Now, you understand why there's so much anger; 72 percent of Americans define them as, quote, "mad as hell". And not going to take it anymore. Every age group, except for 18 to 29 year olds, ethnicity, it doesn't matter, there's this level of frustration and anxiety. But I compare this not to Regan in '82, I compare this to 1994. And it was on this show -- I'm sitting next to him -- when this whole thing happened. And I said, look at the health care bill that we're frustrated with, look at all the wasteful Washington spending and the crime bill, back at that time. The right direction, wrong track, numbers were awful. The president had lost significant support after being elected to unite the country. The same numbers exist today that existed in 1994.

STEPHANOPOULOS: Democrats are banking on those, that's a year away, Donna.

DONNA BRAZILE, ABC NEWS CONTRIBUTOR: Well, first of all, I don't think it's '94, because in '94, we also had some potential disastrous that happened that caused Democrats to lose so many seats.

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