Transcript: Rahm Emanuel and Rep. John Boehner

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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