'This Week' Transcript: Gov. Schwarzenegger

PAUL KRUGMAN: In 2010. And so, no, so it's not clear that - no one, no one was really going to talk about doing a lot of new spending of that kind, long-term spending next year anyway.

SAM DONALDSON: Excuse me, Paul. Who is no one? Barack Obama, while he didn't put a price tag on it and said, I will promise to spend this much money, his supporters, young people particularly, who saw him as walking on water may - you bring an interesting point - may be very disillusioned if he wisely cannot pursue all of these programs.

GEORGE STEPHANOPOULOS: But I think Paul does at least point the way towards a rhetorical solution. You say you're for health care. You introduce it. But you just…

COKIE ROBERTS: Don't pass it.

GEORGE STEPHANOPOULOS: ...well you don't pass it. Well it's going to take months to pass it anyway.

PAUL KRUGMAN: Yeah.

GEORGE STEPHANOPOULOS: But the mechanism is the expiration of the Bush tax cuts. You don't impose any kind of a tax increase.

PAUL KRUGMAN: Yeah. The Bush tax cuts were written blessedly from the point of the view of the Democrats to turn to a pumpkin on the last day of 2010...

SAM DONALDSON: What am I listening to? I can recite people making over $250,000 a year, a very small percentage will only go back to where President Clinton's tax rates were and we need to do this out of fairness. I mean, I can recite his speech.

GEORGE STEPHANOPOULOS: But if that happened 2010 instead of 2009, that's a broken promise?

COKIE ROBERTS: Well, we'll see.

PAUL KRUGMAN: Yeah, I don't think it's...

SAM DONALDSON: Well, it depends.

GEORGE STEPHANOPOULOS: We'll see. That is the open question. You guys can debate it in the green room. And you all can join in later on ABCNews.com.