Transcript: Joint Chiefs of Staff Chairman Adm. Mike Mullen

WILL: Well, good. Let the administration go to Congress and say, we want a law passed to bail out California. The problem with this is, generally, it interrupts all the feedback loops by which people learn. California has to learn. The other 49 states have to learn. And they are to some extent not mere appendages of the federal government.

BRAZILE: Who is the image here? The federal government? Who are they going to learn from, George? We're in a recession and they're having a hard time getting money and they have all of this -- the needs -- the budget needs but we're in a recession. And that's money not coming in.

WILL: Donna, if we went back to the Dark Ages, to the spending levels in California of say 2002 they wouldn't have these problems.

BROOKS: There's one other issue George may not like. Term limits. If you're only in the legislature for a short period you don't care about the out years. That's been a big factor here. Frankly, if we want to reach a compromise I'll give you a short-term bailout if there is fundamental reform, if Obama leans on them and they really do fundamental reform. I think most would accept that.

STEPHANOPOULOS: That is actually what happened in New York back in 1975. The City of New York did and the State of New York made reforms. You guys can continue this in the green room. All of you can join in later on abcnews.com and for political updates all week long follow me on FaceBook and Twitter.

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