'This Week' Transcript: Larry Summers & Mitch McConnell

STEPHANOPOULOS: So you're not for closing down the banks?

MCCONNELL: I'm for closing down -- a lot of that is happening already. And a number of banks have been closed down by the FDIC, as you know.

STEPHANOPOULOS: But how about the big ones like Citigroup, Bank of America, the large banks that could lead -- that some people claim are too big to fail?

MCCONNELL: Well, you know, we thought back in October, when we voted for the financial rescue package that the package was going to go after toxic assets. And unfortunately, it ended up being a capital investment. We all kind of held our noses and supported it, because they said that we're going to have a financial meltdown. 74 out of 100 senators believed that to be the case. So we'll have to see what they recommend.

STEPHANOPOULOS: But you're open to it, to be clear, open to including more funds then?

MCCONNELL: I want to see what they recommend, George. I'm not just going to say, without even looking at it yet, that this makes no sense. But I have been very, very skeptical of everything that's happened since the initial financial rescue package. We're now moving into basically industrial policy, by trying to rescue the automobile companies who ought to be making very tough decisions themselves. I think skepticism among my colleagues for additional bailouts is very, very high, and that includes me.

STEPHANOPOULOS: OK. Senator McConnell, thanks very much for your time this morning. Congratulations, Louisville winning the Big Eight last night.

MCCONNELL: Big win. Big East.

STEPHANOPOULOS: See you soon.

END

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