'This Week' Transcript: Biden

BIDEN: Well, the truth is that at least elements that were involved in some of the Tea Party folks expressed racist views. We saw that on television and it was turned -- but I don't think -- I don't -- I wouldn't characterize the Tea Party as racist. There are individuals who are either members of or on the periphery of some of their things, their -- their protests -- that have expressed really unfortunate comments. And, again, it was all over TV, all over your network, you know?

A black congressman walking up the stairs of the Capitol.

But I don't believe, the president doesn't believe that the Tea Party is -- is a racist organization. I don't believe that. Very conservative. Very different views on government and a whole lot of things. But it is not a racist organization.

TAPPER: One of the big issues in this election, in this mid-term election is the economy.


TAPPER: Non-financial institutions are sitting on $1.8 trillion in cash money that could be spent expanding, creating jobs...


TAPPER: -- and they're not spending it on that -- that way. A lot of members of the business community in the last week or so have been saying the reason that money is not being spent on expansion or jobs is because the business community is convinced that the Obama administration is anti-business and they're worried about what legislation, what regulation is coming down the pike.

Why do you think they're not spending that money?

BIDEN: Three months ago, those same business leaders, they were in the White House in meetings with us saying, you know, you're going to be surprised on the up side how many people we're going to be hiring.

I think that a couple of things have happened.

One, they didn't anticipate and no one anticipated the potential collapse of the European economy and the so-called Eurozone -- Greece and Spain and all of that. That put a real brake on an awful lot of people in terms of their optimism about where the world economy was going, because we're affected by that indirectly.

Secondly, I think that the very uncertainty they had is now been settled by the passage of the reforms. They didn't know which way they were going to go. They didn't know how much was going to happen.

So I think there is increased certainty now that the major reform they were worried about is law. It's passed. And they're going to know how to deal with it.

I think you see stabilization on the European side, in terms of the so-called euro and the Eurozone. And I think that's going to help.

So I think you're going to see them beginning to move.

TAPPER: You said that the stimulus is -- is working.

BIDEN: Yeah.

TAPPER: And you said earlier, in the past week, you talked about three million jobs being created by the stimulus...

BIDEN: Yeah.

TAPPER: -- so far. But since the stimulus passed, more than three million jobs have been lost. And before you took office, three million jobs were lost.

BIDEN: Yeah.

TAPPER: Was the stimulus, in retrospect, too small?

BIDEN: Look, there's a lot of people at the time argued it was too small. Actually, we...

TAPPER: A lot of people in your administration.

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