'This Week' Transcript: Gov. Arnold Schwarzenegger and Gov. Edward Rendell

And this is why this partnership is so perfect because Bloomberg is an independent; Rendell is a Democrat; I'm a Republican. So what we are saying is we are for rebuilding America, but it's a political issues; it's a people (inaudible) issue. We want to serve the people of America.

MORAN: And people want to see that, and that kind of bipartisanship, but right now, we have this partisan divide. So let me ask you directly, Governor Rendell, does President Obama, having been outmaneuvered by the party of no, right now, as the governor says, does he need a shake-up?

Does he need some new blood in the White House?

RENDELL: No, I think they just need to take a deep breath, look at what happened and revamp their strategy. They've still got the best communicator I've ever seen in my life in politics.

But, Terry, I want to say something about Representative Pence. He seems to be a very decent person, but what he just said there is the most dangerous prescription for America, no spending, no borrowing.

How in God's name -- I'd love -- I was a former prosecutor; I'd love to cross-examine Representative Pence. How in God's name does he think we're going to repair this nation's infrastructure, stay competitive, give safety to our people, improve our quality of lives?

Every business that's successful in this country has, at some key moment, reinvested in itself, usually by borrowing or taking out capital reserves.

They reinvested. They created another product line, built a new factory. If you don't invest in your future, you will die. And Representative Pence and the people at that convention -- when they say no borrowing, no spending, no investment, they're writing out a prescription form for this country becoming a second-rate power.

And I don't think the governor and I, and there are others out there with us -- we're going to fight that theory. Because we've got to invest in our future. If we don't invest, what's going to happen to American manufacturing?

MORAN: The challenge, of course, is they're looking at an ocean of red ink. One of the other things that happened in Washington -- the president appointed a national commission on the debt. Alan Simpson, one of the co-chairs, did an interview with Judy Woodruff on PBS, in which he tried to get real.

(BEGIN VIDEO CLIP)

JUDY WOODRUFF, PBS ANCHOR: Some people, mainly Republicans, right now, are arguing what's really needed are tax cuts.

SIMPSON: I'm not smoking that same pipe. I just -- everything is on the table.

(END VIDEO CLIP)

MORAN: Everything is on the table. He's not smoking that pipe.

Now would each of you agree that -- you look at this ocean of red ink, a Republican and a Democrat -- get real -- that, to solve the fiscal disaster looming for the country, Republicans here in Washington are going to have to agree the government gets more revenue; Democrats are going to have to agree, long-term entitlements get cut?

RENDELL: No question. And you can cut entitlements in a very intelligent way. I mean, we're working longer; we're living longer. There's no reason why entitlements can't be pushed back, in terms of age. And everyone knows that. It's a dirty little secret, but people have got to get together and say it.

MORAN: That wasn't even hard to get the two of you to agree on that.

SCHWARZENEGGER: Well, we have agreed on that -- we have agreed on that for a long time.

(CROSSTALK)

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