'This Week' Transcript: Gov. Schwarzenegger

DAVID LETTERMAN, 'LATE SHOW": Joe Biden turns to Cheney and he says, "Dick, tell me, what's it like being second in command?" And Cheney said "well, hell, I don't know, ask Bush."

********* VIDEO: CAROLYN WASHBURN, EDITOR: With relatively little foreign policy experience of your own, how will you rely on so many Clinton advisers and still deliver the kind of break from the past that you're promising voters?


SENATOR HILLARY CLINTON: I want to hear that.

SENATOR BARACK OBAMA: Well, Hillary, I'm looking forward to you advising me, as well.

GEORGE STEPHANOPOULOS: Who knew that was a year ago "The Des Moines Register" debate, Barack Obama and Hillary Clinton facing the same questions today. We're going to debate it on our roundtable this morning with George Will, Paul Krugman of "The New York Times" and Princeton, also the author of a new book, "The Return of Depression Economics." You see right under there, it says winner of the Nobel Prize in economics. You got that just hours after your last appearance on "This Week."



GEORGE STEPHANOPOULOS: We're your lucky charm.


PAUL KRUGMAN: There we go.

COKIE ROBERTS: We take responsibility.

GEORGE STEPHANOPOULOS: And also welcome back to Sam Donaldson.

SAM DONALDSON, ABC NEWS: And I got to argue against him on economics?

GEORGE STEPHANOPOULOS: Well, at your peril, Sam. But go ahead.

SAM DONALDSON: I never refuse a challenge.

GEORGE STEPHANOPOULOS: You didn't even let me introduce Cokie, but, Cokie, welcome to you, as well. And let's begin with this buzz about secretary of state. Potentially Hillary Clinton. Clinton and Obama met on Thursday. George, everything I'm hearing is that both sides want this to happen. One big complication in that is the work of the Clinton Foundation, whether or not it can be structured in such a way so that there aren't conflict of interests if indeed she is secretary of state.

GEORGE WILL, ABC NEWS: Yes, the Clinton Foundation, her husband's foundation and some of his business dealings I should think would also warrant scrutiny and get it if she's nominated. The most famous political ad of the year was her ad saying, the 3:00 AM phone call, who do you want to answer it? Well, she might be making the 3:00 AM phone call to a sleeping president. She's one of those who passed through the furnace of that protracted campaign and did come out enlarged and looking tough enough for this job. Another thing that this suggests is they couldn't put a Republican in as secretary of state if they were going to keep a Republican Gates at defense. And this might mean that for the transition, which means for the transition out of Iraq, they might keep Gates at defense.

GEORGE STEPHANOPOULOS: And Cokie, George says she was enlarged by the campaign. I think Barack Obama was also impressed by how hard she worked over the course of the general election.

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