'This Week' Transcript: Biden

Because they're figuring out that small businesses are going to get a 30 percent tax cut. They didn't know that because of all the advertising done.

So there's a lot -- and -- and I would use health care as an example. Health care has gone from a barrage of advertising against it, why it was so bad, just like Wall Street reform. The financial industry spent hundreds of millions of dollars lobbying against this – this is an awful thing, it's government regulation. All it is, is rational control and the turning around of what the Republicans did, which is let Wall Street run wild.

People -- when you say to people, you know, we just went out and had a regulatory reform bill, where I come from, it's like, OK, what -- what does that mean?

They don't know what it means yet, understandably. And so I think it takes time, Jake.

TAPPER: There's that famous saying in Washington by Mike Kinsley that a gaffe is when a politician accidentally tells the truth. Robert Gibbs experienced some of that this -- this past few days...

BIDEN: I've never had a gaffe.

TAPPER: You've never had an issue with gaffes.

(LAUGHTER)

TAPPER: No, I know. So you can't relate.

BIDEN: Yeah.

TAPPER: But -- but he said that enough seats are in the play in the House for the Democrats to possibly lose the House. Empirically true.

How bad are the losses going to be for Democrats?

BIDEN: I don't think the losses are going to be bad at all. I think we're going to shock the heck out of everybody. I really -- and I've been saying this now. I think even when you and I went down to North Carolina and you followed be on the recovery trip, I was saying it then. I am absolutely confidence -- confident when people take a look at the what has happened since we've taken office in November and comparing it to the alternative, we're going to be very -- we're going to be in great shape.

Here's the deal. What Robert Gibbs also said was what he believes, what I believe, what the president believes, we're going to win the House and we're going to win the Senate. We're not going to lose either one of those bodies.

And so, again, this is July. November and at the time, the most vulnerable time any public official finds himself in is when they have no opponent.

Look at Harry Reid. You know, I got -- I got kind of banged around for saying I think there was a 55 percent chance Harry Reid is going to win. Well, Harry Reid, when he was the -- you know, on the other side of the barrage of how bad Harry Reid was, was in trouble. Now Harry Reid, in the last poll, was up 7 points. I -- he I think he -- I -- I'd bet anything -- I'm not allowed to bet, but I'll bet Harry Reid wins. You're going to see that repeated.

So, that old -- to paraphrase Mark Twain, I think the -- the reports of our demise are premature.

TAPPER: The NAACP had a convention in the last week. And they passed a resolution saying that elements of the Tea Party are racist.

Do you think elements of the Tea Party are racist?

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