Transcript: National Security Adviser Gen. James Jones and Sen. John McCain, R-Ariz.

WILL: Well, next on the list are municipalities, which is to say public employees' unions which have put municipalities - actually municipalities put themselves in trouble with improvident contracts with their public employees. And now we're going to bail them out. The common theme of all of this is save the unions. This phony, make believe Chrysler bankruptcy is really a way of helping the UAW.

STEPHANOPOULOS: How has it been a make believe bankruptcy?

WILL: Because they have altered bankruptcy law and prearranged to give the UAW privileged status over what bankruptcy law would've given to normal creditors.

DONALDSON: (Inaudible) public relations stress test. I don't think this stress test was firm enough ...

ROBERTS: Stressful enough.

DONALDSON: But the other part of public relations, we're going to save $17 billion, one half of one percent of the $3.4 trillion budget. But the very things that the president outlined as savings, people up there on Capitol Hill will not allow. That's not -- Meanwhile, he wants to do reform of the health care system. I've seen estimates ranging from several hundred billion to even $1 trillion if we get it all done that we have to pay for. Because it's not in this budget. There's no place card in this budget. You have to come up with new money if you're going to do it.

REICH: I think this is the big long-term question. I mean we have a short-term issue, how do you get the economy back and what does it mean to get the economy back? But the long-term is, how do you pay for health care? And if the Congress continues to say, no, we're not going to limit dividends or deductions for the rich. No, we are not going to even limit employer-provided health care for the rich. No, we're not going to do this. Then there's no money.

WILL: Just a moment, now.

STEPHANOPOULOS: Well, here's a blue sky idea. If you've got $100 billion in the bailout fund, why not use that as a down payment?

REICH: Well, try to sell that to Congress. I think that $100 billion, or it actually looks like it's going to be $135 billion, that's going to be eaten up, it's going to be eaten up by municipalities, it's going to be eaten up by Fannie and Freddie, there are many places where that's going to go.

ROBERTS: But the truth is when we look at these enormous deficits with the exception of this aberrant bailout situation. When you look at them, you're talking about health care. It's Medicare, it's Medicaid for the states, and it's health care costs for the businesses.

STEPHANOPOULOS: Which is why the president emphasizes cost control all the time.

ROBERTS: All the time. And there are in both houses of Congress proposals to have commissions, now sometimes these work and sometimes they don't, but to really take a look at Medicare, Medicaid, and Social Security. And being objected to ...

DONALDSON: Speak to Nancy Pelosi and Harry Reid, the two Democratic leaders oppose the idea of commissions and the president is not getting behind because he wants to do health care. He is not getting behind this idea.

STEPHANOPOULOS: He is not getting behind the commission right now but let me press that point. Because the administration believes the stars are aligning for health care this summer. They think everything is coming together. What I can't figure out and I ask a lot of people about it, I still don't see the five, six, seven Republican votes minimum needed ...

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