Transcript: Rahm Emanuel and Rep. John Boehner

George, when I talk to people at these rallies, it was pretty clear people are scared to death. And they're scared to death about the future for their kids and their grandkids, and the facts that the American dream may not be alive for their kids and grandkids. That's what really scares them.

STEPHANOPOULOS: But on the issue...

BOEHNER: They understand that you can't borrow and spend your way to prosperity.

STEPHANOPOULOS: But on the issue of taxes, I think it's 43 percent of people who file taxes pay no income tax at all. For the middle fifth of taxpayers, they're paying just about 3 percent in federal income tax this year.

BOEHNER: Well, you want to go out and explain that to the hundreds of thousands of people around America that showed up for these rallies. They understand that they're paying too much in taxes. But they're really concerned about the amount of spending that's going on in Washington and the amount of debt that's being piled up. They know that you can't have trillion-dollar deficits for as far as the eye can see without imprisoning the future for our kids and theirs.

STEPHANOPOULOS: OK, Congressman Boehner, thank you very much for your time this morning.

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