'This Week' Full Transcript: Dec. 13, 2009

Photo: This Week round table

ABC'S "THIS WEEK WITH GEORGE STEPHANOPOULOS"

DECEMBER 13, 2009

SPEAKERS: GEORGE STEPHANOPOULOS, HOST

REP. ERIC CANTOR, R-VA.

LAWRENCE H. SUMMERS, DIRECTOR, NATIONAL ECONOMIC COUNCIL

[*] STEPHANOPOULOS: Good morning and welcome to "This Week." The economy front and center.

(BEGIN VIDEO CLIP)

PRESIDENT BARACK OBAMA: We are not yet creating jobs at a pace to help all those families who've been swept up in the plunge (ph).

(END VIDEO CLIP)

STEPHANOPOULOS: Jobs, health care, deficits.

(BEGIN VIDEO CLIP)

(UNKNOWN): This is the greatest act of generational theft...

(END VIDEO CLIP)

STEPHANOPOULOS: What more must the president do? How will Congress respond?

(BEGIN VIDEO CLIP)

(UNKNOWN): This job killing agenda is making it worse.

(END VIDEO CLIP)

STEPHANOPOULOS: Questions this morning for our headliners, the president's top economic adviser, Larry Summers, and the number two Republican in the House, Eric Cantor.

Then...

(BEGIN VIDEO CLIP)

OBAMA: Clear-eyed, we can understand that there will be war and still strive for peace.

(END VIDEO CLIP)

STEPHANOPOULOS: Is the Nobel speech an Obama doctrine? That and the rest of the week's politics on our roundtable with George Will, Arianna Huffington from the Huffington Post, former White House counselor Ed Gillespie, John Podesta from the Center for American Progress, and April Ryan of American Urban Radio Network.

And as always, "The Sunday Funnies."

(BEGIN VIDEO CLIP)

CRAIG FERGUSON, TALK SHOW HOST: Did you see President Obama's Christmas card? Some people are angry that it doesn't contain the word "Christmas," but I think the message is there. The card shows three wise men asking for bailout money. It's very good...

(END VIDEO CLIP) STEPHANOPOULOS: President Obama is just back from Oslo with his Nobel, heading back to Copenhagen for those climate talks, leaving behind health care talks that appear to be stalling in the Senate, and poll numbers that have been falling to their lows of 2009. Our roundtable is standing by to debate all this. They may weigh on Tiger too, but let's check in first with our headliners, Larry Summers, President Obama's top economic adviser, and Congressman Eric Cantor, the House Republican whip. Gentlemen, welcome to both of you.

SUMMERS: Good to be with you.

STEPHANOPOULOS: And Mr. Summers, let me begin with you, and let's start with just the overall economic situation right now, especially on jobs. We saw that drop in unemployment in November, but private economists predict that unemployment is likely to head back up. Mark Zandi sees it peaking at about 10.6 percent next year. Others say it could go up to 11 percent. Is that in line with your forecast?

SUMMERS: George, here is what I know. We were talking about depression, we were talking about the financial system collapsing. Today, everybody agrees that the recession is over, and the question is what the pace of the expansion is going to be.

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