'This Week' Transcript: Christina Romer, George Will, Liz Cheney, Al Hunt, Judy Woodruff and Robert Reich

HUNT: Oh, I think he's in the race to say. This is what Harry Reid does. What else is he going to do? He's not going to go back to Searchlight. And I think the only hope he has -- because his numbers are terrible -- is that the dysfunctional, corrupt Republican Party in Nevada. I mean, with the senator, with the governor, I mean, they have more people under indictment or under -- and that's the only thing -- it is probably the worst state in the union to make the case against Harry Reid, as unpopular as he is, and that's his only hope.

REICH: This is -- this is the Democrat's great benefit. I mean, every time they're in real, real trouble, the Republican Party comes to their aid.

HUNT: Michael Steele...

(CROSSTALK)

REICH: And Michael Steele is a good example. This week was basically designed for the Republicans, with the Democratic resignations. I mean, it looked like Democrats in disarray. And Michael Steele comes in, and talk about disarray. He is going rogue.

CHENEY: But, you know, can I just point out that I think one of the things that makes the American people frustrated is when they see time and time again liberals excusing racism from other liberals. And I think that, you know, clearly, Senator Reid's comments were outrageous. And the notion that they're being excused...

(CROSSTALK)

STEPHANOPOULOS: But in a private conversation that he thought was off the record...

CHENEY: I don't think racism is OK, George, whether you're saying it in private or in public. And the excuse of it by liberals, you know, is -- is really inexcusable.

But I do think, frankly, you know, he's given the voters of Nevada yet one more reason to oust him this -- this next time around, and I suspect that's what they'll do.

STEPHANOPOULOS: George, you're shaking your head.

WILL: I don't think there's a scintilla of racism in what Harry Reid said. At long last, Harry Reid has said something that no one can disagree with, and he gets in trouble for it.

CHENEY: George, give me a break. I mean, talking about the color of the president's skin...

WILL: Did he get it wrong?

CHENEY: ... and the candidate's...

WILL: Did he say anything false?

CHENEY: ... it's -- these are clearly racist comments, George.

WILL: Oh, my, no.

(CROSSTALK)

HUNT: ... quickly, Liz, I -- I think it was certainly an indelicate comment, but, in fact, during the election, there were stories and there were people commenting on Tiger Woods, Adrian Fenty. I mean, I think it's very unfortunate, but I think there is an element that says that -- that -- that some -- some blacks do better than others because of appearance. I don't think that's right...

(CROSSTALK)

HUNT: ... but I don't think...

(CROSSTALK)

CHENEY: ... this may be the way that liberal elites speak to each other in private. It is not the way that people that I know speak to each other in private or public...

(CROSSTALK)

HUNT: ... no one's ever accused Harry Reid of being a liberal elite.

(CROSSTALK)

CHENEY: ... all of us hope that this nation will be one, where we're judged by the content of our character, and that is not what that comment...

(CROSSTALK)