'This Week' Transcript: Nancy Pelosi

Nonetheless, we have a package that has both. Heavier investments in terms of rebuilding in a green way, a new, innovative way our infrastructure. Addressing the unemployment, the needs of the unemployed in this economy, investing in education and health and reversing global warming. 95 percent of the American people, the great middle class, will get a tax cut in this legislation.

We also have some business taxes. Some of which were suggested by the Republicans.

So I would like to talk about what we are doing rather than - and be judged for what it can accomplish rather than criticized for what may not be in - by people who - it may still be in but we have to make an assessment about…

STEPHANOPOULOS: Let's talk about what's in the package, then. I know you don't agree completely with the Congressional Budget Office, this estimate, assessment.

PELOSI: Well, they're going to reassess it.

STEPHANOPOULOS: They're going to look at it. But what they've shown so far is that only about 40 percent of the discretionary spending, including the highway spending in the bill, is going to be spent right away in the next year and a half.

PELOSI: First of all, the congressional budget office only looked at 40 percent of the investments in the bill. By their own admission. So they didn't even take a complete look at the bill. We have a letter from the administration that says 75 percent of the investments will be paid out in the first 18 months.

STEPHANOPOULOS: And they're committed to that?

PELOSI: We're committed to that. And let me just this also. We have a lot riding on it. I don't want to have a legislation that is used to - as an engine for people to put on things that are not going to do what we are setting out to do which is to turn this economy around. I have the most to prove with this package, by the way, and I'm not - the choices we are making are those that will work, that must work. Our economy requires it. America's families need it. This is urgent.

STEPHANOPOULOS: We also heard from Congressman Boehner coming out of the meeting today that again a lot of that spending doesn't even meet the same test you just talked about right now.

Boehner : we have to find a package that is the right size

STEPHANOPOULOS: Hundreds of millions of dollars to expand family planning services. How is that stimulus?

PELOSI: Well, the family planning services reduce cost. They reduce cost. The states are in terrible fiscal budget crises now and part of what we do for children's health, education and some of those elements are to help the states meet their financial needs. One of those - one of the initiatives you mentioned, the contraception, will reduce costs to the states and to the federal government.

STEPHANOPOULOS: So no apologies for that?

PELOSI: No apologies. No. we have to deal with the consequences of the downturn in our economy. Food stamps, unemployment insurance, some of the initiatives you just mentioned. what the economists have told us from right to left. There is more bang for the buck, a term they use, by investing in food stamps and in unemployment insurance than in any tax cut.

Nonetheless, we are committed to the tax cuts because they do have a positive impact on the economy even though not as big as the investments.

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