'This Week' Transcript: Stimulus Debate

GRAHAM: I know $350 billion is not enough to deal with the toxic assets and jump-start housing.

STEPHANOPOULOS: How much more is needed?

GRAHAM: You know, some people tell me over a half a -- half a trillion dollars. And after this exercise of TARP I and now the stimulus bill, it makes it harder for everybody here to go back to the public and say, "Please give us more money, because we seem irresponsible."

There are things in this bill that make the public want to throw up. They know it doesn't create a job. It just creates more government. And we blew it.

WATERS: I don't see anything in this bill that would make anybody want to throw up. This was exciting...

GRAHAM: Changing welfare rules in this bill?

WATERS: The welfare rules were not changed in this bill. As a matter of fact...

(CROSSTALK)

STEPHANOPOULOS: It does relieve some work requirements, doesn't it?

KING: Work requirements and also total benefits.

GRAHAM: Doubling the size of...

(CROSSTALK)

KING: And it also takes out the verification of illegal immigrants.

(CROSSTALK)

STEPHANOPOULOS: Congresswoman Waters, finish...

WATERS: Yes. What this bill does is give tax breaks to 95 percent of American workers. We've had tax breaks from the previous administration for the richest 1 percent in America. Now the American workers are going to get a break.

When you couple these tax breaks along with the jobs that are going to be created in the infrastructure, you're going to have not only people who have been losing jobs back in the workplace, but we're going to save jobs and keep businesses from laying off people.

This is exciting. And this gives hope. This is a beginning. This is a long-term investment...

GRAHAM: If I may...

WATERS: ... in our economy.

(CROSSTALK)

STEPHANOPOULOS: ... Congressman King?

KING: The Congressional Budget Office says, over the period of 10 years, it's going to deflate gross domestic product and bring down wages. So you voted for a bill that's going to bring down...

SCHUMER: No.

KING: ... workers' wages under the guise of making people feel good in the short term.

SCHUMER: I just want to say this. Every one -- every one of the 435 House members and 100 senators can find some provisions they don't like in this bill. Ninety-five percent of this bill -- 98 percent does three things: creates of preserves jobs, builds infrastructure, and puts money into the pockets of the middle class.

You know, there's a time for quibbling and there's a time for coming together. This was a time -- President Obama reached out to a large number of people -- this was a time to come together.

And, you know, I am disappointed. When George Bush proposed his program, it was all tax cuts, not one single investment program. We all voted for it...

WATERS: That's right.

SCHUMER: ... because we thought the country had to come together.

KING: That's...

SCHUMER: We could have said, Peter, "It didn't have this; it didn't have that." This was a time to come together.

KING: This isn't quibbling, though. We're talking about serious differences.

GRAHAM: Well, why didn't we? Why didn't we?

KING: And we're talking about bipartisanship. House Republicans were not allowed at the table. They were not allowed any input whatsoever into the formation of this bill or changing the bill in any way.

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