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

The fact is, the reason we're seeing this partisan divide, George, is there's a major philosophical difference. The Democrats think that the answer here is more government invention in the economy than we have already had. Republicans are saying, whoa, we need to slow -- tap on the brakes here, a little bit, and provide some certainty in the marketplace.

Because people are not investing because they don't know what their new taxes are going be; they don't know what their new health care costs are going to be; they don't know what their new energy costs are going to be, as a result of government policy.

STEPHANOPOULOS: Do you see any risk in that strategy of having -- there's such a clear partisan division?

GILLESPIE: Not, not right now. I think it's a time to stand on principle. I think what Eric Cantor laid out, the no-cost, you know, initiative, that says, let's provide some certainty in the marketplace -- and we're trying to create private-sector jobs.

And I think, to your question about, well, what about the credit due versus blame for -- you know, for unemployment is going up, look, that would be the right problem to have as a Republican.

Let me say, if we're creating jobs in this country, I'd rather see job creation than not. That would be -- you know, as a Republican, if the debate is, well, what's the credit; where's it due, that's the right problem to have.

I don't anticipate that. I thought it was interesting that Larry accelerated his anticipation for job creation to begin into the spring. In the past, the White House had been saying the second half of next year, which would be July. Either way, I'm not sure it's going translate, frankly, into the 2010 elections.

HUFFINGTON: But, you know, this is meaningless. Larry Summers accelerating his forecast is so utterly meaningless. I don't even know why we're bringing it up again. Because all the forecasts -- all their forecasts...

(UNKNOWN): Well, what if he's right?

(LAUGHTER)

HUFFINGTON: All their forecasts have been completely wrong. I mean, his forecast on foreclosures, remember, they took this very lackadaisical approach to foreclosures. And, right now, one in five mortgages in this country is in default or foreclosure. I mean, this is a major crisis, and his whole stand has been to just say, things will get better; things will get better. PODESTA: We should have had Arianna on with Larry.

(LAUGHTER)

I want to come back to Eric Cantor, which is no cost, no jobs, no ideas. I mean, it seems to me that the Republican Party on the Hill has become the party of no.

Maybe I say that it looks, a little bit, from his defense of no regulation that it's become the party of -- of Bush, that we've seen how that movie played out. It ended in the -- in financial meltdown and the great recession.

(CROSSTALK)

STEPHANOPOULOS: Is that right, that it's no risk, this strategy?

WILL: I think there is no risk at this point. Because I think the American people understand that the greatest job creation machine in the history of the world is a reasonably lightly taxed and lightly regulated economy.

But one idea, John, that, happily, we're not hearing. When we began this year with...

PODESTA: George Bush had the lowest job creation since World War II, lightly taxed, lightly regulated...

GILLESPIE: Fifty-two months of uninterrupted job creation, the longest in the history of the United States of America.

PODESTA: ... major recession.

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