'This Week' Transcript: Arnold Schwarzenegger

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FEBRUARY 22, 2009




STEPHANOPOULOS: Good morning, and welcome to "This Week." Our headliner today, Arnold Schwarzenegger on California's narrow escape from budget disaster, his reversal on taxes...

SCHWARZENEGGER: I say this again: I will not raise taxes.

STEPHANOPOULOS: ... working with President Obama, and wrestling with his own party.

SCHWARZENEGGER: We've got to bring people to the center.

STEPHANOPOULOS: Is California's crisis the rest of the country's future? Then...

FEDERAL RESERVE CHAIRMAN BEN BERNANKE: If we do not stabilize the financial system, the fiscal policy will not lead to a sustained recovery.

STEPHANOPOULOS: ... can the banks be saved? Will the president's stimulus and housing plans work? What's next for the economy? A powerhouse roundtable on the challenges ahead, with George Will, Nobel Prize-winner Paul Krugman, BusinessWeek columnist Suzy Welch, and the economist called "Dr. Doom" for predicting the crash, Nouriel Roubini.

And, as always, the Sunday funnies.

JAY LENO, TALK SHOW HOST: They're leaning towards the Swedish model for banks. It's -- and I've got another idea. How about opening banks with all Swedish models? See, that's a bank I could go to.


ANNOUNCER: From the heart of the nation's capital, "This Week" with ABC News chief Washington correspondent George Stephanopoulos, live from the Newseum on Pennsylvania Avenue.

STEPHANOPOULOS: Hello again. Our headliner this morning, still looking fresh after a week of all-nighters dealing with the California budget crisis, Governor Arnold Schwarzenegger.

Welcome back.


STEPHANOPOULOS: So back in Sacramento, you're getting it from both sides. Democrats say you cut spending too much; Republicans say you raised taxes too much. Is D.C. the safest place for you this weekend?

SCHWARZENEGGER: Well, I think that it is always terrific. And I have told you that many times that, when you're in the center, you get attacked from the left and you get attacked from the right. And this is a good sign, actually, because that means that you're in the right place.

Because remember one thing: What is good for the people is not always good for politics. That's the important thing here. STEPHANOPOULOS: But it seems like the most anger you're getting comes from your own party, the Republican Party. There's a petition circulated at the California convention -- Republican Party convention this weekend bashing you for going back on taxes and saying you owe former Governor Gray Davis an apology for the recall campaign you ran against the car tax back in 2003.

I want to show people a little bit of that campaign.


SCHWARZENEGGER: When I get to Sacramento, I will immediately destroy the car tax, so watch what's going to happen over there to a car. Watch over there.


Hasta la vista, baby, to the car tax!


STEPHANOPOULOS: So do you owe Gray Davis an apology?

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