This Week Transcript: Peter Orszag and Eric Cantor

STEPHANOPOULOS: So you oppose the president on the omnibus spending bill. Obviously, you opposed the president on the stimulus package. Your colleagues give you a lot of credit for executing the strategy whereby no Republicans in the House voted for the president's recovery package. Will any House Republicans vote for the president's budget?

CANTOR: Listen, George, this budget obviously has raised a lot of concerns and a lot of different areas. But let's remember what the priority should be right now. The priority should be focused on preserving and protecting creating new jobs.

I mean, I talk to small-business people in my district all the time. They're hurting right now. They're not even taking home a paycheck, and they're struggling to make the bills at the end of the month and to keep the lights on. That spells real danger for our economy.

So we need to focus our efforts to make sure that what we do in Washington does one thing and one thing first, and that is to focus on economic growth.

STEPHANOPOULOS: So the president...

CANTOR: And this budget -- this budget will have -- we will have to work on this budget a lot in order to get this spending plan into that type of focus.

STEPHANOPOULOS: So let me go back to the same question: Will any Republicans vote for this budget? CANTOR: Well, George, as you know, you know, this budget has to make its way through the House. And, again, we want to work with this president. We want people to regain their confidence in Washington. And what people are looking for is results.

Again, go back to that small-business person. People are hurting. They're looking for policies that finally will institute job growth, not just transfers of wealth.

And what we see in this budget, frankly, is an attempt, again, to try and stimulate the economy through government expenditure. And, you know, at best what that can do is redistribute wealth. It can't create jobs; it can't create wealth. We've got to get back to focusing on job creation and creating prosperity.

STEPHANOPOULOS: So it's clear that you're against this budget. You're not going to make a prediction. But let me move on to the broader political question here. Right now, you've made your views on -- on the economy, on these proposals pretty clear, but the public seems to be siding with President Obama. His approval rating is still quite high on the economy itself.

Who do you trust to handle the economy? According to our ABC News poll, 61 percent say they trust President Obama. Only 26 percent trust the Republican Party. That's the largest gap we've seen in a generation.

On who's reaching out to the other side, 73 percent say that President Obama is reaching out to work with the Republicans, but only 34 percent think that Republicans are reaching out to work with the president.

Are you worried that the impression that you're not working with the -- the president, you're not trusted on the economy, and you're rooting for him to fail is going to burn in and be burned in and locked in with the American public?

CANTOR: George, nobody -- no Republican, no Democrat -- wants this president to fail, nor do they want this country to fail or the economy to fail. What we did in the House during the first weeks of the stimulus debate is to come up with a plan. I personally handed that plan to President Obama at his suggestion. He said, "Bring us your ideas."

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